PERTH (miningweekly.com) – Dual-listed gold miner Alacer Gold on Wednesday reported an impairment of A$412-million, following the miner’s decision to sell its Australian assets.
In June this year, the ASX- and TSX-listed Alacer announced that it would sell its Australian assets, including the Higginsville and South Kalgoorlie mines, enabling the miner to focus on its high-margin operations and exploration activities in Turkey.
For the second quarter ending June, the Australian operations delivered 41 622 oz of gold at a cash cost of A$1 268/oz.
The miner also reported record monthly production at the Çöpler mine during June of 28 178 oz, and a record quarterly production of 68 195 oz for the three months to June, at a cash cost of A$395/oz.
The project reached its 500 000 oz production milestone in July this year.
“Our flagship Çöpler mine achieved record quarterly production of 68 195 oz in the second quarter, which was 10 395 oz or 18% more than the previous record,” said Alacer CEO and president David Quinlivan.
“In this challenging gold-price environment, Çöpler provided strong cash flow of A$41-million, before taking into account some A$14-million in one-time capital expenses for the sulfidization, acidification, recirculation and thickening plant, clay sizer and the agglomerator during the quarter.”
Quinlivan noted that despite the impairment charge, Alacer’s balance sheet remained strong, with the company finishing the quarter with A$268-million in cash, including A$50-million in Australia.