Regis Resources Limited
Regis Resources Limited
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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).
The decision by AngloGold Ashanti and its new 30% JV partner Regis Resources in Western Australia’s Tropicana gold mine to proceed with a final cutback to mine deeper ore in the Havana pit will translate into a $A470M revenue boost for contractor Macmahon.
The cutback, to extend the life of the openpit mine by four years from 2023 to 2027, will add 155Mt to the material to be mined from 2024.
The acquisition of a 30% stake in the Tropicana project promises a material step-up in scale for Australian miner Regis Resources after posting gold production of 372,870oz at AISC of $A1,373/oz for the June year (FY21), up from 352,042oz at $1,246/oz in the previous year.
The result included two months’ contribution of 17,317oz at $2,121/oz for its share of production from AngloGold Ashanti’s 70%-owned Tropicana mine and a strong 355,553oz from its Duketon Operations.
Gold miner Regis Resources has lifted its mineral resources to 10.4Moz and ore reserves to 4.8Moz following the inclusion of 30% of the Tropicana Gold Mine, 330km ENE of Kalgoorlie in Western Australia, from IGO on completion of its $A903M cash acquisition ($889M after adjustments) in May this year.
Tropicana resources stand at 145Mt at 1.6g/t Au for 7.64Moz (100%) and 44Mt at 1.6g/t for 2.29Moz (30%), with reserves of 49Mt at 1.7g/t for 2.69Moz (100%) and 15Mt at 1.71g/t for 0.81Moz (30%).