Doray narrows losses in 2018
PERTH (miningweekly.com) – Gold miner Doray Minerals has narrowed its net losses for the 2018 financial year after the closure of its Andy Well operation, in Western Australia, in 2017.
Doray on Thursday reported a net loss of A$14.7-million for the 2018 financial year, compared with a net loss of A$74.2-million in the 2017 financial year, while revenues for the full year declined from A$183-million to A$159.2-million.
During the financial year, Doray generated cash flow from operations of A$38.3-million and earnings before interest, taxes, depreciation and amortisation of A$34.9-million.
The miner also reported a non-cash pre-tax impairment charge of A$27-million in the carrying value of its Andy Well project, which was offset by an income tax benefit of A$23.9-million at the Deflector operation.
“An excellent second-half performance at Deflector has driven Doray’s strong full-year cash flow from operating activities at A$38.3-million,” said MD Leigh Junk.
Doray produced 79 631 oz of gold and 3 413 t of copper, which included the final 15 038 oz of gold produced at the Andy Well mine prior to the suspension of operations.
“While Doray recorded a full-year loss, the impressive achievement at Deflector confirms the company has successfully turned around its financial and operational performance. Looking forward, Deflector is forecast to achieve substantial increase in gold production of up to 30% to between 80 000 oz and 85 000 oz of gold in 2019, which should materially improve the profitability of the company.”
Junk said that this improvement in production extended across the recently updated life-of-mine plan, which showed Deflector producing 43% more gold than the previous mine plan, outlined 12 months prior.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.
VISIT SHOWROOM
Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
