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Perilya shares halted on potential 'control' deal

2nd September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Metals miner Perilya has gone into a trading halt after the company swung into a loss during the six months ended June.

Perilya requested that its share trading be halted pending the announcement of a “potential control” transaction.

At the end of last week, Perilya announced a half-year loss after tax of A$19.6-million, compared with a net profit after tax of A$5.4-million for the previous corresponding period.

The results followed a revenue of some A$139.1-million for the half year, down 14% on the A$161.3-million reported in the previous corresponding period. The Cerro de Maimon operation delivered some 5 320 t of copper, 8 708 oz of gold and 186 736 oz of silver, while the Broken Hill mine delivered 54 300 t of combined zinc and lead.

The metal production at Broken Hill was 16% below the first half of 2012’s production, and was adversely impacted by the company’s decision to shift to an owner-operator model, and the decision to slow the rate of development in response to the current economic conditions.

A foreign exchange loss of A$12.1-million relating to the company’s revaluation of its US dollar borrowings also affected the half-year results.

The company was maintaining its full-year production guidance for the Cerro de Maimon operation, which was expected to deliver between 11 000 t and 12 000 t of copper, while the Broken Hill mine would produce a combined 115 000 t to 125 000 t of zinc and lead for the full year.

Edited by Creamer Media Reporter

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