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

STAFF CHURN BLAMED FOR MCGRATH EARNINGS DOWNGRADE

MCGRATH will fail to meet earnings forecasts after some of its star real estate agents defected to growing Perth firm...

MCBAIN RESIGNS AS BELLAMY'S DIRECTOR WHILE THIRD CLASS ACTION MOVES CLOSER TO SECURING FUNDING

LAURA McBain (pictured) has resigned as a director of Bellamy's Organic (ASX: BAL) today, effective immediatel...

REDBUBBLE TO MISS IPO FORECASTS

REDBUBBLE, the online marketplace for independent artists, will miss a series of forecasts set out in its IPO in its ...

BLUESCOPE CONTINUES STRONG RUN WITH GUIDANCE UPGRADE

BLUESCOPE Steel (ASX: BSL) is trading up 7.51 per cent at $11.16 per share after upgrading its half-year guidance thi...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter