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Silver Lake reports stellar year

19th August 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – A 64% increase in gold production for the 2020 financial year has seen gold miner Silver Lake’s profits increase by 699%, compared with the previous financial year.

The ASX-listed company has reported a normalised profit after tax of A$133-million for the 12 months ended June, compared with the A$17-million reported at the end of the 2019 financial year.

Earnings before interest, taxes, depreciation and amortisation increased by 224%, from A$80-million to A$260-million, while statutory profit after tax increased by 3 852%, from A$7-million to A$257-million.

Gold production for the full year reached 273 071 oz, up from 166 695 oz, while gold sales for the year were also up by 54% on the previous financial year, from 171 322 oz to 263 362 oz, at a realised gold price of A$2 132/oz, up from the A$1 754/oz in 2019.

Silver Lake told shareholders on Wednesday that all-in sustaining costs (AISC) for the period under review were down 5%, from A$1 367/oz to A$1 295/oz, while capital expenditure for the full year reached A$106.5-million, up from the A$60.4-million spent in 2019.

For the 2021 financial year, Silver Lake is targeting sales of between 240 000 oz to 250 000 oz of gold, at an AISC of between A$1 400/oz and A$1 500/oz.

Edited by Creamer Media Reporter

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