Austral posts stellar quarter despite heavy rains
PERTH (miningweekly.com) – Junior Austral Resources has reported a stellar March quarter with copper sales increasing and earnings before interest, taxes, depreciation and amortisation (Ebitda) reaching a record high, despite record wet weather conditions.
The ASX-listed company on Friday reported that copper sales for the three months to March reached 2 818.5 t, up from the 2 392.9 t sold in the December quarter, with copper prices achieved increasing from A$12 577/t to A$12 601/t.
As a result, revenue for the March quarter increased by 17% to A$35.55-million while operating cash flows increased by 158% to A$13.6-million. Austral also reported a record Ebitda of A$8.7-million, driven by the higher copper sales and declining C1 costs, which decreased from the A$5.10/lb in the December quarter to A$3.92/lb in the March quarter.
All-in costs for the quarter under review also declined from A$6.25/lb to A$4.68/lb.
The company was in early March forced to suspend mining and haulage operations following heavy rainfall in Mt Isa, but since then operations have resumed.
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