Independence swings to profitability
PERTH (miningweekly.com) – ASX-listed metals miner Independence Group has swung to profitability during the financial year ending June, as its Long and Jaguar operations increased their output.
For the financial year ended June, Independence reported a net profit of A$18.3-million, compared with a net loss of A$285.3-million in the previous financial year.
Underlying earnings before interest, tax, depreciation and amortization were also up by 69%, from A$33.6-million in 2012, to A$56.8-million in 2013, while revenue for the period was up 4% to A$225.9-million.
Independence reported on Thursday that its Long operation had reported a record yearly production of 11 180 t of contained nickel metal, compared with the 9 995 t produced in the previous financial year, while the Jaguar operation produced 33 809 t of zinc, 4 992 t of copper and 1.3-million ounces of silver.
This was compared with the 16 569 t of zinc, 7 257 t of copper and 577 726 oz of silver produced in the previous financial year.
For the 2014 financial year, the Long operation was expected to produce between 230 000 t and 270 000 t of ore, delivering between 9 000 t and 10 000 t of nickel.
The Jaguar operation, in turn, would deliver between 5 000 t and 6 000 t of copper, between 43 000 t and 45 000 t of zinc, as well as between 900 000 oz and 1.1-million ounces of silver.
Independence would also be focused on bringing its Tropicana gold joint venture, with fellow gold miner AngloGold Ashanti, to production. The mine was expected to deliver between 120 000 oz and 160 000 oz between September and December this year, with the project expected to have a production range of between 141 000 oz/y and 147 000 oz/y during its first three years of production.
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