Regis reports a golden year
PERTH (miningweeklycom) – Gold miner Regis Resources has reported a record net profit after tax for the full year ended June, on the back of higher gold prices, despite a drop in production.
Net profits after tax for the full 12 months under review reached A$200-million, up from the A$163-million reported in the 2019 financial year.
Earnings before interest, taxes, depreciation and amortisation for the period reached A$394-million, with cash flow reported at A$343-million.
“Regis Resources has delivered another year of solid production for 2020 and in the process generated a record net profit after tax, a net profit after tax margin of 26%, and operating cash flows of A$343-million,” said MD Jim Beyer.
Gold sales for the full year increased by 16%, to A$757-million, with Regis producing 352 042 oz, down slightly from the 363 418 oz produced in the previous financial year.
“While delivering this record profit, we also brought into production three new openpits and an underground mine. We have made significant investment to increase our mine life by way of the acquisition of nearby high potential land and stepping up our greenfields exploration efforts, while progressing the significant and valuable McPhillamys project,” Beyer sad.
Looking ahead at 2021, Regis has set a production target of between 355 000 oz and 380 000 oz, with all-in sustaining costs being targeted at between A$1 230/oz and A$1 300/oz.
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