Norton certain of Paddington production in 2013
PERTH (miningweekly.com) - ASX-listed Norton Gold Fields on Friday told shareholders that its Paddington mine, in Western Australia, could deliver between 154 000 oz and 162 000 oz during 2013, at a cash cost of between A$990/oz and A$1 090/oz.
“Norton’s decision to provide production guidance reflects our confidence in achieving the production targets,” said MD and CEO Dianmin Chen.
“Our vision is to be a leading long-term gold producer in Western Australia, and to achieve this, we have adopted a business model that seeks to attain sustainable and increased production within a strict cost control environment.”
Norton recently switched to an owner-operator model at the Paddington operations, and said on Friday that this, combined with its portfolio of producing assets, provided the company with a level of predictability regarding its operations.
The new equipment fleet at Paddington was expected to increase productivity through improved fleet mechanical availability, and realise reduced maintenance costs.
Norton recently poured its four-millionth ounce of gold at the Paddington operations.
At the start of this year, Norton warned shareholders that it would report a net loss after tax of A$28-million for the six months to December, which it attributed to an A$11-million write-down of its stockpiles and a A$7-million once-off expense relating to a change of control and the repayment of the higher interest-bearing loan from Merrill Lynch.
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