PERTH (miningweekly.com) - ASX-listed copper and gold miner PanAust on Thursday reported a 15% increase in its earnings before interest, taxes, depreciation and amortisation (Ebitda) for the 12 months ending December, following the successful commissioning of the Ban Houayxai gold/silver operation, and the Phu Kham upgrade project.

Ebitda was reported at $331.5-million for the full year, with profit after tax reported at $158.7-million, up from the $146.6-million in the previous financial year.

Sales revenue for the full year also increased to $712.7-million, compared with the $575.7-million in 2011.

“The successful commissioning of Ban Houayxai and the Phu Kham upgrade were important achievements for 2012, making PanAust a more robust and flexible two-mine company, and providing a broader cash-flow platform for further growth,” said PanAust MD Gary Stafford on Thursday.

“Ban Houayxai quickly ramped up to full capacity and during the December 2012 quarter, mill throughput rates exceeded nominal design capacity by 12% on treatment of relatively soft oxide ore feed.”

Stafford added that, at Phu Kham, record production during the December quarter underscored the benefits of the process plant expansion, with yearly ore processing rates exceeding the expanded design capacity of 16-million tons a year, and the plant achieving an annualised ore processing rate of 21-million tons a year in December.

“The increased recovery project represents the next incremental, short payback, high-return investment initiative at Phu Kham. This project is within budget, with $34-million to be spent in 2013, and is ahead of schedule, with commissioning due to start next quarter.”

Looking ahead, PanAust was expecting to produce between 62 000 t and 65 000 t of copper in concentrate during 2013, as well as between 160 000 oz and 175 000 oz of gold, along with some 1.1-million to 1.2-million ounces of silver.