Beadell delivers golden profits in first half
PERTH (miningweekly.com) – Junior gold miner Beadell Resources reported a net profit after tax of A$37.1-million for the six months to June, after its Tucano gold mine, in Brazil, delivered its first full six months of production.
During the half-year under review, Tucano produced some 66 736 oz of gold, selling some 58 403 oz to generate a revenue of A$86.1-million.
Underlying earnings before interest, tax, depreciation and amortization reached A$43.5-million during the first six months of the year.
“Considering we commenced in January and completed our three-month commissioning during this reporting period, our team has delivered an outstanding set of numbers for our maiden half-year of production,” said Beadell MD Peter Bowler.
“As a result of starting mining in August, at Duckhead, one of the most profitable gold pits globally, we can now look forward to the current financial six-month period being far stronger,” Bowler said.
The 100 000 oz Duckhead deposit would be processed between August and December, with the ore delivered to the Tucano gold plant.
Gold production for the remaining six months was expected to reach between 120 000 oz and 130 000 oz, to deliver a full year production of between 185 000 oz and 195 000 oz.
The company was also targeting plant throughput rates of 4.5-million tonnes a year, further lifting the 2014 production forecast to over 200 000 oz as the high-grade Duckhead ore is fed into the system.
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