Norton reports strong interim profit
PERTH (miningweekly.com) – Gold miner Norton Gold Fields has reported an increase in interim profit despite a decrease in the number of ounces sold.
During the six months to June, Norton Gold Fields posted profit of A$2.4-million, compared with A$773 000 in the previous corresponding period, as a result of a lower foreign exchange loss owing to a stronger Australian dollar, offset by lower revenues, costs and a lower income tax benefit.
During the period under review, revenue decreased to A$113.7-million, compared with A$126.5-million reported in the first half of 2013, as gold ounces sold decreased from 85 102 oz to 79 268 oz.
For the six months to June, gold production reached 80 923 oz.
Gross profit for the half-year ended June was also down A$3.3-million compared with the first half of 2013, to A$10.5-million, owing to the lower revenues offset by lower costs.
During the quarter ended June, Norton launched a takeover bid for fellow-listed Bullabulling Gold, with the company gaining a majority shareholding in Bullabulling during July.
The offer would remain open until August 18.
Norton also executed a term sheet with Excelsior Gold in the interim period, providing a long-term milling allocation at the Paddington mill. The agreement provided Excelsior with an allocation of 2.5-million tonnes over five years, with an option to extend on a yearly basis for a further five years.
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