Doray profit falls in 2017
PERTH (miningweekly.com) – Gold miner Doray Minerals has swung into the red in the full year ended June, on the back of a noncash impairment charge of A$69.5-million on the carrying value of the company’s assets.
The miner on Thursday reported a net loss after tax of A$71.7-million, compared with a net profit of A$16.5-million for the 2016 financial year.
The company reported an impairment of A$24.2-million at the Andy Well gold mine, and a A$22.7-million impairment at the Deflector gold/copper mine during the first half of the year.
The Andy Well operation also reported a further A$3.4-million impairment in the second half of the year, while the Deflector mine reported an additional A$19.2-million impairment.
Meanwhile, revenue for the full year was up by 40% on 2016, to A$183-million, of which Andy Well contributed A$85.7-million and Deflector A$97.2-million, with total group production reaching 102 054 oz of gold and 4 599 t of copper.
Doray on Thursday also announced the life-of-mine plan for the Deflector operation, telling shareholders that the mine would produce some 264 243 oz of gold and 7 277 t of copper-in-concentrate over the next four years to 2021.
This targeted production did not include the 49 130 oz of gold and 4 599 t of copper produced in the 2017 financial year.
Doray noted that the life of the Deflector mine could be extended by the addition of further resources, including the Da Vinci prospect.
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