Independence reports stellar year
PERTH (miningweekly.com) – Diversified metals miner Independence Group has reported record revenue of A$499-million for the financial year ended June 30, as the miner beat both production and cost targets.
Revenue was up by 25% on the previous financial year, as the Tropicana gold mine, in Western Australia, contributed its first full 12 months of production to the bottom-line.
Meanwhile, underlying earnings before interest, taxes, depreciation and amortisation were up 44% year-on-year to A$213-million.
Net profit after tax for the full year also increased by 58% to A$77-million, while net cash flow from operating activities increased by 57% to a record A$202-million.
“In 2015, Independence Group succeeded in meeting or beating all of its production and cash costs guidance for all three operating mines - Tropicana, Jaguar and Long,” said MD and CEO Peter Bradford.
He noted that the Tropicana gold mine, which is jointly owned by AngloGold Ashanti, continued to operate as one of Australia’s best gold mines in terms of its scale, grade, cost profile and cash flow. This was expected to continue going forward.
The Tropicana mine, in which Independence holds a 30% stake, produced 496 413 oz of gold in the year under review, generating revenue of A$218.9-million, at an all-in sustaining cost of A$795/oz.
The Long operation produced 10 198 t of nickel and 723 t of copper, to generate a revenue of A$111.4-million, while the Jaguar mine delivered 7 090 t of copper, 37 551 t of zinc and 1.29-million ounces of silver, generating revenue of A$164-million.
For 2016, the Tropicana mine was expected to produce between 430 000 oz and 470 000 oz of gold, the Long mine between 9 000 t and 10 000 t of nickel and Jaguar between 35 000 t and 40 000 t of zinc in concentrate.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation