TORONTO (miningweekly.com) – Dual-listed Alacer Gold on Wednesday reported a net loss of $386-million for the 2012 financial year, owing to the company booking a $490-million write-down of its noncurrent assets in Australia.
This compared with a net profit of $75.2-million booked in 2011.
With one-time items removed, adjusted net profit was $118.6-million for the full year ended December 31, compared with $75.2-million in 2011.
During the year the company’s working capital increased by $159.7-million to $203.9-million, as a result of C$100-million convertible debentures that matured in April, improved cash balances and an increased heap-leach inventory at the company’s 80%-owned Çöpler gold mine, in Turkey.
After closing the sale of its 49% interest in the Frog's Leg mine earlier this year, Alacer said it intended to pay a special dividend of about $70-million.
Full-year total gold production of 419 489 oz was flat on that of 2011; however, attributable gold production of 381 738 oz was 7% lower year-on-year.
During the fourth quarter, Alacer achieved its strongest quarterly production results of the year, booking attributable gold production of 103 426 oz.
Attributable total cash costs per ounce increased by 23.5% to $803/oz for 2012, compared with $650/oz for 2011.
The company reported initial development of the Chalice underground mine was completed, with development ore from the Atlas lode delivered to the Higginsville treatment plant in June, and initial stoping ore delivered in September.
Development of the Çöpler oxide deposit continued during the year, with ore production from both the Marble and Main Zone pits having started. The company said Çöpler was a significant source of free cash flow at an average total cash cost of $375/oz.
In Australia, the company would implement initiatives to increase free cash flow at both the Higginsville and South Kalgoorlie operations.
As at December 31, 2011, Alacer's attributable mineral resources totalled 13.8-million ounces of gold and ore reserves totalled 5.3-million ounces of gold.
The company’s TSX-listed stock was down 3.66% at C$3.68 on Wednesday.