PERTH (miningweekly.com) – Junior gold miner Doray Minerals produced 20 054 oz of gold during its second full quarter of production at the Andy Well gold mine, in Western Australia.
MD Allan Kelly said that the production figures at Andy Well confirmed Doray’s position as one of the country’s most profitable gold producers.
“This quarter’s production, with cash costs of A$533/oz and all-in sustaining costs of A$1 078/oz, has enabled the company to significantly reduce its debt and, combined with recent oversubscribed capital raising and renegotiations of the debt repayment and reserving schedule, has put the company in a very strong financial position.”
He noted that the year-to-date average all-in sustaining cost of A$999/oz, when compared with the average gold price received, gave Doray an average year-to-date margin of over A$500/oz, making it one of the most profitable gold miners on the ASX.
Kelly said that Doray was looking forward to unlocking the full potential of the Andy Well project, with the restart of a substantial six-month near-mine exploration programme during the next quarter.
For the full year, the Andy Well mine was on track to produce between 75 000 oz and 80 000 oz of gold.