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Higher prices for zircon and rutile have largely offset lower sales volumes for mineral sands miner Iluka for the year to Dec 2019, enabling it to deliver underlying group EBITDA of $A616M compared to $600.1M in FY208. Underlying NPAT was $278.7M (FY2018: $300.7M).
The result was achieved on revenue of $1.19B ($1.24B). Free cashflow fell to $139.7M ($304.4M).
A foreshadowed $414M writedown in the carrying value of its Sierra Rutile assets resulted...
Western Australia miner Sandfire Resources has posted a Dec 2019 half (H1 20) net profit fall to $A34.2M from H1 18’s $49.6M, which included production from its sole producing DeGrussa copper-gold operations’ new satellite Monty copper-gold mine, resulting in an additional amortisation expense of $34.2M from Monty's purchase price.
Revenue jumped to $313.1M from $272.3M, with payable metal sales up to 33,616t contained copper from 32,...
Despite easing December 2019 half (H1 20) combined gold production from its 2 mines in Ghana and Côte d’Ivoire, Australia-based Perseus Mining has pulled of a 193% net profit after tax jump to $US30.4M from H1 19 on revenue easing to $274.4M vs 281.6M.
The bottom line came with a gross profit rocketing to $47.8M from $4.56M, EBITDA from operations up 43% to $123.9M, but with operating cash flows down $12.4M to $73.2M.
H1 20 gold...
Australian miner St Barbara has felt the impact of lower production and higher unit costs at its Gwalia and Simberi mines, offsetting the strong performance of Canadian acquisition Atlantic Gold, with Dec half-year (H1FY20) underlying NPAT falling to $35.69M from $77.42M a year earlier.
EBITDA also declined to $135.39M ($147.91M) after the growth in revenue to $361.9M (H1FY18: $332.1M) was matched by mine operating costs rising to $179.9M ($148.5M)....
Record iron ore shipments and higher realised prices have enabled world No 4 producer Fortescue Metals Group to post a four-fold increase in net profit after tax to $US2.46B for the Dec half (H1FY20).
The result, compared to NPAT of $644M a year earlier, was achieved on record revenue of $6.49B (H1FY19: $3.54B) and delivered underlying EBITDA of $4.23B ($1.63B).
Production from FMG’s Pilbara iron ore system in Western Australia...
The impact of higher gold prices on gold-equivalent ounces has prompted Chaarat Gold Holdings to reduce the FY2020 production guidance at its 100%-owned Kapan project in Armenia to 55,000oz AuEq, after posting FY2019 production of 60,252oz in FY2019.
FY2019 output comprised 32,791oz (FY2018: 30,1979oz) gold, 557,001oz (486,963oz) silver, 1,719t (1,583t) copper and 6,476t (6,330t) zinc.
Chaarat credited higher recoveries and...
Shareholders in failed Australian explorer Symbol Mining will meet in the June qtr to vote on a proposed share restructure and recapitalisation after creditors approved a deed of company arrangement.
Administrator Bryan Hughes says the DOCA is also conditional on ASX approval of a waiver of listing rules to allow Symbol to be relisted at under 20c value. If the waiver is not approved, Hughes says the company may be liquidated.
Australian-based New Energy will go ahead with the sale of the Fura and Balama assets in Mozambique after settling a dispute with former project manager Regius Resources Group and its majority owner Cobus van Wyk.
After mediation as part of arbitration proceedings in Perth, both companies agreed to settle all claims without admissions of liability.
NXE will pay Regius up to $A720,000 covering remuneration for...
West Australian potash developer Salt Lake has lined up the fifth offtake partner for its Lake Way project in Wiluna with the signing of a binding term-sheet with global fertiliser manufacturer and distributor Mitsui & Co.
The deal covering an initial 4,000tpa premium water-soluble sulphate of potash means Salt Lake has secured offtake for 224,000t of Lake Way’s 245,000t annual production. The remainder will be sold into local and...