Photo by: Bloombeg
PERTH (miningweekly.com) – Diversified metals miner Independence Group has reported record revenue of A$499-million for the financial year ended June 30, as the miner beat both production and cost targets.
Revenue was up by 25% on the previous financial year, as the Tropicana gold mine, in Western Australia, contributed its first full 12 months of production to the bottom-line.
Meanwhile, underlying earnings before interest, taxes, depreciation and amortisation were up 44% year-on-year to A$213-million.
Net profit after tax for the full year also increased by 58% to A$77-million, while net cash flow from operating activities increased by 57% to a record A$202-million.
“In 2015, Independence Group succeeded in meeting or beating all of its production and cash costs guidance for all three operating mines - Tropicana, Jaguar and Long,” said MD and CEO Peter Bradford.
He noted that the Tropicana gold mine, which is jointly owned by AngloGold Ashanti, continued to operate as one of Australia’s best gold mines in terms of its scale, grade, cost profile and cash flow. This was expected to continue going forward.
The Tropicana mine, in which Independence holds a 30% stake, produced 496 413 oz of gold in the year under review, generating revenue of A$218.9-million, at an all-in sustaining cost of A$795/oz.
The Long operation produced 10 198 t of nickel and 723 t of copper, to generate a revenue of A$111.4-million, while the Jaguar mine delivered 7 090 t of copper, 37 551 t of zinc and 1.29-million ounces of silver, generating revenue of A$164-million.
For 2016, the Tropicana mine was expected to produce between 430 000 oz and 470 000 oz of gold, the Long mine between 9 000 t and 10 000 t of nickel and Jaguar between 35 000 t and 40 000 t of zinc in concentrate.