NEW MINE BOOST PANAUST SALES

Written on the 21 February 2013

NEW MINE BOOST PANAUST SALES

PANAUST (PNA) brought its second mine into operation last year, bumping up sales revenue for the second half by 24 per cent, the company reported today.

Consolidated profit after income tax for the year ended December 31 was $154.72 million, up from $142.93 million the previous year.

Commencement of goldâ€silver doré sales from the Ban Houayxai Goldâ€Silver Operation boosted the sales revenue by 24 per cent to $694.84 million making it the largest contributing factor to the increase.

Ban Houayxai commenced commercial production from June and sales of gold and silver from Ban Houayxai contributed $122.75 million to revenue.

PNA managing director, Gary Stafford, says the full year profit result reflects continued strong operating performance at Phu Kham and the first contribution from Ban Houayxai.

“The successful commissioning of Ban Houayxai and the Phu Kham Upgrade were important achievements for 2012, making PanAust a more robust and flexible two-mine company and providing a broader cash flow platform for further growth,” says Stafford.

“Ban Houayxai quickly rampedâ€up to full capacity and during the December 2012 quarter mill throughput rates exceeded nominal design capacity by 12%, on treatment of relatively soft oxide ore feed.

“At Phu Kham, record production during the December quarter underscored the benefits of the process plant expansion with annualised ore processing rates exceeding the expanded design capacity of 16 million tonnes per annum (Mtpa) and the plant achieving an annualised ore processing rate of 21Mtpa in December.”

PNA plans to invest $34 million in the Increased Recovery Project at Phu Kham this year, a “shot payback, high return investment”.

Directors declared a final dividend of four cents per share bringing the total dividends declared for the 2012 year to seven cents per share.

PNA shares dropped 3.56 per cent to $2.710 this morning in reaction to the news.


Latest News

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

REVEALING the fruits of its past year of labour, Treasury Wine Estates (ASX: TWE) has posted a 55 per cent increas...

TATTS GROUP POSTS PROFIT AND REVENUE DROP ON FEWER JACKPOTS AND BAD WEATHER FOR RACING

TATTS Group (ASX: TTS) has posted a full year net profit loss of 5.7 percent and a revenue decline of 8.4 per cent as...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter