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

ROSIE THE ROBOT HELPS FINTECH START-UP FLAMINGO TO A $24M IPO

ROSIE the artificial intelligence robot, created by Dr Catriona Wallace of Flamingo, has been helping companies since...

RETAILERS TIPPED TO LOSE ON GRAND FINAL FRIDAY

AS the AFL grand final reaches fever pitch it won't be cause for celebration for many Victorian businesses, ac...

OCEANAGOLD CAUGHT UP IN PHILIPPINES MINING CRACKDOWN

MELBOURNE-based OceanaGold (ASX: OGC) has been named by the Philippines government as one of 23 mining companies t...

FLIGHT CENTRE STAMPS ITS MARK ON EUROPE

FLIGHT Centre Travel Group (ASX:FLT) has spread its wings across Europe, after acquiring a string of corporate tra...

Related News

CONSUMERS MAINTAIN CONFIDENCE DESPITE SHOCKS

CONSUMER sentiment in Australia has held strong despite shocks that typically dent the appetite for spending, such as...

TOURISTS CASHED UP AND HEADING FOR AUSTRALIA

INTERNATIONAL tourists flocked to Australia in FY16 with the tourism industry growing three times faster than the ...

HOTCOPPER FLOAT SLAMMED AS 'CRAZY'

CUDECO founder Wayne McCrae (pictured) has ripped into share market discussion board HotCopper ahead of its IPO, s...

FROM THE TANK: GOOD OLD-FASHIONED BUSINESS STILL RELEVANT

BEING involved with Shark Tank and my friendship with startup guru Steve Baxter has inspired me to seriously engage w...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter