RNC output flourishes on record Beta Hunt performance
The high gold grades of Australia’s Beta Hunt mine, where the Father’s Day Vein was discovered last year, have boosted the fourth-quarter and year-end performance of Canada-headquartered gold miner RNC Minerals.
The company on Thursday reported production of 73 801 oz for 2018, compared with 37 027 oz in 2017. Fourth-quarter output increased by 21% year-on-year to 15 341 oz.
The high-grade specimen and coarse gold production at Beta Hunt led to a 195% increase in mined grade for the quarter to 7.28 g/t, compared with 2.47 g/t in fourth quarter of 2017. The gold mined grade for 2018 was 4.48 g/t, an increase of 106% over the mined grade of 2.17 g/t for 2017.
The miner’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) increased to more than $27-milllion, $16-million of which was recorded in the fourth quarter. Beta Hunt’s all-in sustaining costs for each ounce of gold declined to $698/oz, reflecting increased sales of coarse gold from the Father’s Day Vein discovery.
For the full year adjusted Ebitda improved to $27.3-million, compared with a loss of $0.4-million in 2017.
Revenue for the year jumped from $73.08-million to $128.77-million. The miner still posted a loss though of $8.4-million, but it was a significant improvement on the prior-year net loss of $91.06-million.
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