RESULTS GIVE NORTON WELCOME BOOST

Written on the 23 July 2013

RESULTS GIVE NORTON WELCOME BOOST

Norton Gold Fields (ASX: NGF) had a busy six months, exceeding production guidance and opening a new mine near Kalgoorlie.

The Brisbane-based company produced 85,517 ounces of gold for the half year to June 30, an increase of 7-13 per cent on gold production guidance provided in March, it announced today.

The average price received was A$1,402 per ounce, while cost per ounce was A$1,029.

The enterprise open pit mine was opened on May 21. Waste stripping commenced on May 2 and ore production expected in the last quarter.

When it reaches full capacity, the A$110 million mine will supply the bulk of ore to the Paddington Mill and will contribute about 110,000oz per annum to gold production.

Early completion of a ball mill head replacement at the Paddington Mine in mid-June allowed additional production time.

Norton Gold Fields managing director and CEO Dr Dianmin Chen is pleased with the result.

“This is evidence of the company’s stability to deliver challenging
production targets and a reflection of the dedication of our staff to achieve our vision in the current turbulent market,” says Chen.

“With significant capital investment made in the new Enterprise mine and owner mining fleet fully commissioned, we expect further cost reductions in line with our 2013 production guidance announced on March 1.”

NGF is also in the process of a friendly, off-market takeover of Kalgoorlie Mining Company (ASX: KMC).

The news gave the NGF share price a welcome boost this morning and it jumped 8.7 per cent to $0.125 in early trading.

The price has more than halved in the past year, from a high of $0.270.

Gold prices have also rallied today, busting through the $1300 threshold.


Latest News

AUSTRALIA READY TO DISRUPT GLOBAL CARBON FIBRE MANUFACTURING

AUSTRALIA for the first time has the capacity to produce carbon fibre from scratch and at scale, following the launch...

HONG KONG FUND INVESTS $212.8 MILLION IN G8 EDUCATION

G8 EDUCATION (ASX: GEM) has secured $212.8 million from Hong Kong-based CFCG Investment Partners to pay down debt and...

MERGER DELIVERS THE FINANCIAL GOODS FOR TERRY WHITE

TERRY White Group has posted a solid half-year net profit of $1.3 million amid a period of major transformation fo...

BLUE SKY APPOINTS TWO NEW INDEPENDENT DIRECTORS

BLUE Sky Alternative Investments (ASX: BLA) has appointed two new independent, non-executive directors to its board: ...

Related News

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

TEST DRIVE A POST GRAD AT BOND

THERE'S only one way to really move your career into the fast lane, says Bond University, and 'test driving...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter