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Besra tops 2013 gold output goal, reports record quarter

9th July 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – ASX- and TSX-listed gold miner Besra on Tuesday said a record fourth quarter had helped it top its production guidance of 60 000 oz of gold for the 2013 financial year.

Besra reported several daily records were set during the fourth quarter at the company's Bong Mieu and Phuoc Son gold mines, in Vietnam, including daily mill throughput and ore mined at both sites. Total production for the quarter was 18 481 oz.

"Following a record-breaking quarter, we are very pleased to be in a position to announce that, for the year ended 30 June, gold production totalled 60 187 oz, which marks the highest-ever annual production for Besra and meets our market guidance of 60 000 oz,” CEO John Seton said.

Besra said it would release more detailed information once year-end figures had been confirmed later in the month.

The company on Friday said it was disputing two tax claims by the Vietnam General Department of Customs (GDC) against its subsidiaries Phuoc Son Gold Company (PSGC) and Bong Mieu Gold Mining Company (BMGMC).

Besra noted that the GDC had made an assessment that PSGC and BMGMC should pay a total of 250-billion Vietnamese dong (about $12-million) in export duties.

In Vietnam, gold exported at 99.99% does not attract any export duty. GDC is claiming that during 2011 and 2012, several shipments did not meet 99.99% and were, therefore, subject to a 10% tax.

Besra said it “strongly” disputed this assessment, as every shipment in question was refined in Vietnam to 99.99% by ACB Gold Centre and certified 99.99% by the official government testing centre – Quality Assurance and Testing Centre 3.

Edited by Creamer Media Reporter

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