Regis Resources Limited
Regis Resources Limited
Full text is available to Level 2 subscribers only
Subscribe to Mining Business Media
Full access to Mining Business Media's unique blend of global mining sector news and commentary is available by subscription only.
$A275.00 per year*
(*up to 10 users)
GST included in Australia
Direct debit/cheque/credit card:
Click here
Subscription inquiries, email subscribe@miningbusiness.net or call 61+413 772 044.
Related Content
Regis Resources is relying on stronger performance from Garden Well and Rosemont to pull it out of the slump that saw its March quarter production fall 18% to 65,949oz and cash costs rise 20% to $936/oz.
Australian gold producer Regis is basing its hopes on stronger fourth quarter performance at its Duketon operations to meet the lower end of its full-year guidance after a troubled March quarter (Q3 FY15) afflicted by rainfall and pitwall failures.
Regis produced 65,949oz at a cash cost of $A936/oz (before royalties) for the three months, down from 80,065oz at $782/oz. If it achieves 75,000oz in the June quarter, the company will sneak home over the 305,000oz bottom end of its FY15 guidance.
Saracen Mineral Holdings is getting the old band (team) back together as it begins the big adventure of restarting the Thunderbird gold mine about 45km south of Leinster in Western Australia.
Regis posted an after-tax profit of $A47.7M for the half-year to Dec 2014 (H1 FY15), up from $45.7M a year earlier, due to increased production from a full six months of operations at Rosemont and higher production at Moolart Well.
Revenue rose 24% to $240.5M ($195.5M) from gold sales of 168,680oz (131,060oz). Gold price fell 4% to $1,426/oz against cash costs that rose 6% to $763/oz.
Regis Resources remains confident it will reach production guidance from its Duketon gold project in Western Australia despite a new range of challenges that threaten to cut its March quarter output by nearly 20%.
Pit wall failures at Rosemont and significant rainfall restricting mining in the openpit at Garden Well have Regis warning of below-forecast production in the March 2014 quarter at its Duketon gold project in Western Australia.
Based on Jan-Feb figures, Regis expects output for the three months to drop to 65,000oz, down from 80,065oz in the Dec qtr. Despite the drop, however, Regis still believes a strong June qtr will enable it to meet its FY2015 guidance of 305,000-355,000oz.
Regis Resources is holding out the prospect of a return to dividend payments after halving its corporate debt on the back of cash flow from operations in the December quarter. John Feary reports
Regis remains on track to deliver targeted FY2015 gold production of 305,000-335,000oz despite a 10% fall in Dec qtr (Q2) output to 80,065oz (Q1: 88,818oz).
The company will install extra crushing capacity at its Garden Well mine in Western Australia as a short-term measure to restore mill throughput after it fell 14% below the budgeted 5Mtpa rate.
Higher grades lift annual Australian gold production to 282t worth about $12.5B.
Latest Australian gold production was down on the previous qtr, but up on the same period a year ago