Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed copper miner Hillgrove Resources has reported a 7.5% increase in underlying profit for the full-year ended December, despite only reporting an 11-month year, as the company aligned its financial and calendar years.
Underlying profit for the period ended December reached A$10.1-million, compared with the A$2.6-million reported in the previous financial year, as the Kanmantoo mine, in South Australia, delivered consistent production and cost reductions.
During the year under review, the Kanmantoo mine delivered 20 693 t of copper, up 20.4% on the previous year, resulting in earnings before interest, taxes, depreciation and amortisation of A$42.7-million, compared with the A$37.3-million in the previous financial year.
“The improvement to operating performance of the Kanmantoo mine during 2014 has been very pleasing, particularly with the unit cost of production reducing quarter-on-quarter throughout the year,” said MD and CEO Greg Hall.
“We continue to have a high level of confidence that the exploration programme that recommenced at the end of 2014 will add to the mining inventory. A successful exploration programme will support our plans to submit the next mining programme for South Australian government approval by the end of 2016, and seek approvals beyond the current approved life of 2019, to align with the production profile of the life-of-mine plan,” Hall added.
The Kanmantoo mine was expected to produce between 18 500 t and 20 500 t of copper in concentrate during the 2015 financial year, along with between 5 000 oz and 6 000 oz of gold in concentrate.