PERTH (miningweekly.com) – A $61.2-million asset impairment charge on the Karouni gold project, in Guyana, has resulted in dual-listed Troy Resources reporting an after-tax net loss of $59.1-million for the year ended June, compared with a net profit of $18.6-million in the previous financial year.
The miner was also impacted on by lower metal prices during the year, with revenue reaching only $178-million, compared with the $202.7-million in 2013, despite record gold production of 132 939 oz.
“Troy has delivered higher gold equivalent production and has established a strong foundation from which to continue to grow our production in the coming years,” said chairperson David Dix.
The Casposo mine, in Argentina, produced 62 742 oz of gold during the year, and 2.47-million ounces of silver, while the Andorinhas mine, in Brazil, produced 31 205 oz of gold.
“The company has a target-rich, highly prospective, brownfield exploration portfolio in Guyana, which we have just begun to explore and the board is confident that resource ounces will continue to be added to the Karouni project over time,” Dix added.
ASX- and TSX-listed Troy acquired the Karouni project in August 2013, and in July this year delivered an updated prefeasibility study that estimated a three-year openpit mine life, producing on average 101 000 oz/y of gold, barring the first year in which 104 400 oz is expected.
First production from the project was expected by the end of 2015.
Meanwhile, the Andorinhas mine was expected to reach the end of its mine life during the same period.