PERTH (miningweekly.com) – Gold miner Regis Resources has reported a 114% increase on its 2013 after-tax profit, after increasing gold sales by 144%.
The miner on Tuesday posted profit of A$145.7-million for the year ended June, which compares with the A$68.2-million reported in 2012.
The profit surge was driven by the sale of 253 090 oz of gold, which generated revenue of A$416.1-million, compared with revenue of A$170.3-million reported in the previous financial year.
The increased production was as a result of operations starting at the Garden Well gold mine during September last year. The Garden Well mine produced 163 260 oz during the full year, while the Moolart Well mine’s production was in line with 2012, at 105 753 oz.
For 2014, the Garden Well project was expected to deliver between 190 000 oz and 201 000 oz, while gold production from Moolart Well was forecast at between 95 000 oz and 105 000 oz.
The company also expected to complete the development of the Rosemont gold project in early December this year, with gold production set to start during the final quarter.
The Rosemont project would contribute between 48 000 oz and 53 000 oz during the 2014 financial year.