PERTH (miningweekly.com) – Turkey-focused gold miner Alacer Gold has returned to profit in 2014, with the miner reporting a total net profit of $88.7-million, compared with a loss of $417.6-million in the previous financial year.

The 2013 results included a net loss of $515-million from its discontinued operations, which included the impacts of post-tax impairment losses on re-measurements taken in 2012 and 2013, and the results of operations in both periods.

ASX- and TSX-listed Alacer's revenue from gold sales declined during the 2014 financial year, which ended on December 31. The miner reported revenue from gold sales of A$291.5-million, compared with the A$377-million generated during the previous financial year. The company sold 182 342 oz of gold, at an average price of $1 268/oz, during the year, compared with 216 850 oz sold in 2013, at an average price of $1 379/oz.

Alacer’s flagship Çöpler mine exceeded production expectations during the year, with the operation producing 227 927 oz, at an all-in sustaining cost (AISC) of $694/oz, a 15% decrease on 2013 costs.

“2014 was a pivotal year for Alacer as we remained focused on realigning the business and daylighting the full value of our world class asset, the Çöpler gold mine,” said Alacer president and CEO Rod Antal.

He noted that during the full year, emphasis was placed on improving operating efficiencies at Çöpler and achieving key milestones necessary for the construction and delivery of the Çöpler sulphide project in 2017.

A whole-ore pressure oxidation facility was expected to process sulphide ore at a rate of 5 000 t/d and would result in a 20-year mine life for the project. The company had already accumulated a stockpile of more than two-million tonnes of sulphide ore, grading 4.9 g/t gold, ready to be processed.

Some $100-million would be spent on the sulphide project in 2015.

Looking ahead, Antal expected the Çöpler mine to continue its solid production, estimating on Thursday that the project would deliver between 180 000 oz and 200 000 oz in 2015, at an AISC of between $775/oz and $825/oz.