https://www.miningweekly.com

Doray reaps first profits from Andy Well

Doray reaps first profits from Andy Well

Photo by Bloomberg

14th March 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Gold miner Doray Minerals has reported a maiden net profit of A$18-million for the six months ended December after starting gold production at its Andy Well mine, in Western Australia.

Gold production started in August last year, and the project had delivered some 37 964 oz at the end of the interim period, generating revenue of A$53.9-million, at a cash cost of A$470/oz.

Doray MD Allan Kelly said on Friday that the results confirmed the company’s status as Australia’s newest high-grade, low-cost gold producer.

“The first six months of production have been very profitable for the company and this has allowed us to reduce our debt position substantially. In the December quarter, we were one of the highest-grade and lowest cost gold producers in Australia, and our operating margins were further enhanced with our hedging programme.”

Kelly added that the company was looking forward to bedding down production at Andy Well, and conducting a near-mine exploration programme, which could translate to an increase in the resource and reserve base at Andy Well.

The mine was expected to have produced between 75 000 oz and 80 000 oz by June this year.

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.124 0.171s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: