Norton's fortunes turn in March Q
PERTH (miningweekly.com) – ASX-listed Norton Gold Fields on Thursday reported that its turnaround strategy was taking effect, with the miner reporting its best quarterly results since a takeover by Zijin Mining in 2012.
Gold production for the three months to March reached 44 053 oz, up 28% on the previous quarter, while cash costs for the period were down by 25%.
“This significant positive change reinforces Norton’s strategy of increasing gold production to drive costs down,” said Norton MD and CEO Dr Dianmin Chen.
“We expect further improvements throughout 2013,” he added.
During the quarter under review, the Paddington operation processed some 891 000 t of ore, and shipped 43 351 oz of gold at an average price of A$1 560/oz, compared with the 34 101 oz shipped in the previous quarter, at a price of A$1 641/oz.
Chen said that gold production guidance for the full year remained on track for between 154 000 oz and 162 000 oz.
Meanwhile, Norton was considering its options for its Mount Morgan operations, including possible divestment.
The board of Norton had previously approved the development of the Mount Morgan project, subject to funding availability.
The project’s 12-year life-of-mine estimate was based on a Joint Ore Reserves Committee-compliant resource of 2.49-million tons, at 1.6 g/t gold and an inferred resource of 5.86-million tons, at 1.07 g/t gold.
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