Photo by: Bloomberg
PERTH (miningweekly.com) – Gold miner Kingsrose Mining has tripled its revenue for the six months to December, as gold production at the Way Linggo project, in Indonesia, increased.
Revenue for the interim period reached A$26.9-million, up from the A$8.96-million reported in the previous corresponding period, as gold production increased from 4 445 oz to 14 868 oz.
Net profit for the half-year reached A$3.16-million, compared with a loss of A$13.13-million in the previous corresponding period, with earnings before interest, taxes, depreciation and amortisation reaching A$5.78-million, compared with a loss of A$15.83-million in the December half of 2016.
Kingsrose MD Paul Jago said on Friday that the financial results showed the company’s strategy was working.
“We are succeeding in controlling our costs and maintaining a consistent production performance at Way Linggo. This combination is generating improved underlying cash flow.”
Jago said that Kingsrose was also progressing its plans to expand the Way Linggo pit and establish an openpit operation at Tlanag Santo, to extract the mineral resource left in the upper levels of the underground mine.
“Over the next six months, we will focus on maintaining production levels at Way Linggo, actively exploring the broader project area and securing the relevant permits to allow openpit mining at Talang Santo to commence.”