PERTH (miningweekly.com) – Gold miner Silver Lake Resources has reported a profit of A$198 000 for the half-year ended December, compared with a loss after tax of A$14.7-million in the corresponding 2014 period, on the back of higher gold production and higher realised gold prices.
Revenue for the same period increased by 25%, from the A$84-million reported at the end of 2014, to A$104.9-million, as gold sales increased by 23% to 67 540 oz.
The increased gold sales resulted from higher production at the Mt Monger operations, in Western Australia, and the start of the Lucky Bay and Santa Area openpit mines.
Production from the mines replaced lower-grade stockpiles milled in the previous corresponding period, resulting in a 20% increase in head grade.
Furthermore, average realised gold prices also increased by 6% on the previous corresponding period, reaching A$1 552/oz.
Silver Lake reported an 8% decrease in all-in sustaining costs, which reached A$1 281/oz during the six months under review, primarily as a result of the higher-grade run-of-mine material from the Lucky Bay and Santa Area openpit mines.
Edited by: Creamer Media Reporter
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