Evolution triples interim profits
PERTH (miningweekly.com) - Gold miner Evolution Mining nearly tripled its underlying net profit for the six months to December, as production and revenue for the interim period increased.
Underlying net profit for the six months under review reached A$40.6-million, compared with the A$14.1-million reported in the previous corresponding period. This was an increase of some 188%.
Total revenue for the period also increased by 108% to A$321.6-million, compared with the A$154.6-million reported in the last six months of the 2011 calendar year.
Gold sales for the first half reached 194 219 oz, while silver sales totalled 164 490 oz.
Evolution’s gold production for the interim period ending December was also 98% higher at 196 110 oz.
“Evolution continues to deliver solid, predictable operating performance and this is reflected in the financial results for the first six months of 2013,” said executive chairperson Jake Klein.
The increase in gold production was attributed to the merger between Conquest Mining and Catalpa Resources, and the acquisition of the Mt Rawdon gold mine and a 70% interest in the Cracow gold mine.
Klein announced on Thursday that the company would also start paying a dividend, from the second half of the financial year, linked directly to 2% of the company’s gold production.
“I believe that by committing to a gold-linked dividend payment, we are providing shareholders with an attractive income stream that allows them to directly participate in the production success of the company.”
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