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NORTON Gold Fields (ASX: NGF) produced a record amount of gold last calendar year at its West Australian mines.
Production of 42,616oz in the December quarter put the total amount at 172,739oz, a substantial improvement on the previous record of 151,000oz produced in 2012.
Production costs dropped to $883/oz for the quarter, a figure the company has been consistently reducing over the past two years.
Norton Gold Fields Limited Managing Director and Chief Executive Officer Dr Dianmin Chen is pleased with the “strong” result, which exceeded production guidance.
“Driving the improvement has been increased mill feed grades from across our operations along with a strict cost control regime,” he says.
“2013 was an environment of falling gold prices which saw many WA mid-tier gold mining companies become unprofitable.
“Norton’s strong management group was successful in adapting our business to this threat and as a result Norton has become a disciplined and profitable gold mining company for its many stakeholders”.
NGF is in a cost-cutting phase, which is set to continue this year.
Meanwhile, haulage of ore commenced from the Enterprise Mine, signifying the first delivery from the Paddington Operations new base load mine and the company also completed the purchase of the Lady Bountiful tenement.
Norton shares are down 10.71 per cent at $0.125 this morning.
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