Regis Resources Limited
Regis Resources Limited
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West Australian miner Regis Resources is relying on improved performance by its Duketon mine in the second half to deliver its FY23 guidance after posting Dec qtr (Q2) production of 117,300oz gold at AISC of $A1,760/oz, up from 114,800oz at $1,996/oz in the previous period.
Full year forecast remains 450,000-500,000oz at $1,525-1,625/oz. It says AISC should come in about the top end of its guidance range due to higher gold production and decreasing strip ratios at Duketon North.
It’s taken just over a month for Australian-based international mining services company Perenti to lift its FY23 guidance while targeting a return to “historical levels” of profit over the next two years.
Perenti says improved commercial outcomes across Australian and African contracts support forecasts for the year to end-June 2023 of $A2.7-2.9B revenue and $230-250M EBIT(A). On Nov 14, it predicted $2.6-2.7B revenue and $215-230M EBIT(A).
West Australian miner Regis Resources predicts a stronger second half will enable it to meet guidance for the year to June 2023 despite posting lower gold production of 114,800oz at AISC of $A1,996/oz for the Sept qtr (Q1FY23), down from its record 123,900oz at $1,591/oz on the previous period.
MD Jim Beyer is confident heavy investment at its Tropicana and Duketon mines in Western Australia have positioned Regis Resources to further build production and operating cashflow going forward.
Regis ended the year to end-June (FY22) with record gold sales revenue of $A1.02B, from $819M a year earlier.
West Australian miner Regis Resources has followed up its record 437,300oz gold production in FY22 by raising its forecast for the year to end-2023 to 450,000-500,000oz. It’s also predicting AISC of $A1,525-1,625/oz, in line with the past year’s $1,556/oz.
MD Jim Beyer says the completion of plant modifications at the Duketon complex, resource models performing to expectation and Garden Well South underground coming online position Regis to deliver a strong FY23.
Record June quarter performance has helped West Australian gold miner Regis Resources deliver its best production result of 437,300oz for the year to end-June, up from 372,870oz a year earlier and within its full year guidance of 420,000-475,000oz.
Q4 production totalled 123,901oz, from 103,100oz in the March qtr. The Duketon mine posted 92,800oz (74,800oz) and its 30%-owned AngloGold Ashanti lifted to 31,100oz (28,300oz).
Regis says inflationary pressures point to costs for the year slightly above its AISC guidance of $1,425-1,500/oz.
The first full half-year of its 30% ownership of AngloGold Ashanti’s Tropicana gold mine has lifted West Australian miner Regis Resources’ gold sales to 217,000oz, from 173,000oz in the previous corresponding period. Revenue for the 6 months to end-Dec (H1FY22) was $A488.8M (H1FY21: $401M).
EBITDA for the period was $196M ($199M) and underlying NPAT $44M ($87M).
The impact of a wall slip at the narrow base level of the Rosemont main pit at its Duketon complex, coupled with other operational challenges, have pushed West Australian miner Regis Resources to reduce FY22 group gold production guidance by 10% to 420,000-475,000oz at AISC of $A1,425-1,500/oz from its previous forecast of 460,000-515,000oz at $1,290-1,365/oz.
Labour issues exacerbated by COVID-related restrictions and a range of planned and some unplanned operational issues at its flagship Duketon operations have lowered West Australian miner Regis Resources’ Sept qtr (Q1FY22) gold production to 101,989oz at AISC of $A1,521/oz, from 114,145oz at $1,387/oz in the previous period.
West Australian gold miner Regis Resources has posted a fall in profit despite higher revenue in the June year (FY21), ahead of the step-up in scale that is following its acquisition of a 30% stake in AngloGold Ashanti’s Tropicana mine.
Regis posted $A146M after-tax profit for the 12 months, down from $200M a year earlier, on gold sales revenue of $819M (FY20: $757M).