Beadell hits production records at year-end
PERTH (miningweekly.com) – Gold miner Beadell Resources has reported record production at its Tucano gold mine, in Brazil, during the three months to December.
Some 60 823 oz of gold was recovered during the three months under review, with the increased production reflecting the continued contribution of high-grade ore from the Duckhead orebody.
The plant throughput capacity for the quarter also remained at 4.2-million tonnes a year, with the month of December averaging 4.3-million tonnes a year. Throughput improvements were expected to reach an annualised rate of 4.5-million tonnes during the March quarter.
“This record breaking quarter was particularly gratifying given our capacity to pay out some A$54-million in debt repayments coupled with important plant and equipment upgrades, while maintaining a strong cash and bullion balance, in an environment of low gold prices,” said Beadell MD Peter Bowler.
Beadell’s cash and bullion stocks totalled about A$25-million at the end of the December quarter.
“Taking into account our positive hedge balance of A$35.5-million and the $62-million remaining on our loan, the company’s balance sheet has improved markedly this quarter,” said Bowler.
Gold sales for the quarter reached 64 131 oz, compared with the 43 529 oz sold in the three months to September.
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