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Regis interim profit drops 32%

13th March 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Regis Resources has seen a 32% drop in its half-year profit for the period ended December, as higher production costs at its Duketon gold project, in Western Australia, took a toll.

Profit after tax for the interim period was down to A$45.6-million, compared with the A$67.3-million reported in the previous corresponding period.

Regis reported that gold sales volumes for the half-year rose to 138 611 oz, from 112 134 oz in the previous corresponding period, as the Andy Well mine, which forms part of the Duketon project, delivered its first full six months of production.

However, the mill head grade achieved at the Andy Well and Moolart Well operations were lower than expected, resulting in cash costs of production at Duketon increasing by 40% on the previous period, to A$723/oz.

Despite the lower gold price, gold sales revenue increased by 8% on the previous corresponding period, to A$195.4-million.

Edited by Creamer Media Reporter

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