Norton warns of A$28m half-year loss
PERTH (miningweekly.com) - Gold miner Norton Gold Fields on Thursday warned shareholders it would report a net loss after tax of A$28-million for the six months to December.
The miner said the loss was largely attributable to an A$11-million write-down of its stockpiles and a A$7-million once-off expense relating to a change of control and the repayment of the higher interest-bearing loan from Merrill Lynch.
The net loss was also attributed to operational factors, including reduced throughput and production.
MD and CEO Dianmin Chen said on Thursday that, with the initiatives taken over the past six months to secure lower-cost financing to fund capital projects previously announced, Norton’s operational results were expected to improve in 2013.
Meanwhile, the miner on Thursday also reported that gold shipments for the three months to December reached 34 101 oz, compared with the 36 072 oz shipped in the previous quarter, while gold production for the six months to December reached 70 173 oz.
Operations for the quarter focused on Stage 4 ore production at the baseload Navajo Chief opencut mine, as well as the Green Gums, Violet and Catherwood opencut mines.
First ore from the two new opencut mines – Green Gums and Violet – was mined in November and December respectively, with the projects being delayed after government approvals took longer than anticipated.
Mining also started under the right-to-mine agreement at the Catherwood opencut mine.
Processing at the Paddington mill was down to 800 000 t during the quarter under review, compared with the 848 000 t processed in the preceding three months, as several shutdowns were carried out in October and November to monitor and carry out temporary repairs after a routine inspection identified metal fatigue cracks in the ball mill feed end trunnion.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
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
