Troy increases profits despite lower prices
PERTH (miningweekly.com) - Dual-listed gold miner Troy Resources saw a 27% increase in profits for the first six months of its 2013 financial year, with net profits reaching A$13.5-million.
The ASX- and TSX-listed company noted that the increase in net profits was driven by a 23% rise in revenue, up to A$108.9-million, despite gold and silver prices being 1% and 6.5% lower respectively, than the previous corresponding half.
“This is a solid result, with a headline after tax profit of A$13.5-million, and [it] has enabled the company to retire its debt facility ahead of schedule,” said CEO Paul Benson.
During the interim period, gold production increased by 2%, to 66 603 oz.
“We invested A$9.3-million in exploration in the half year, mostly focused on expanding the Inca and B-Vein resources and testing new targets at Casposo. Pleasingly, the underground mining contractor at Casposo has achieved a significant increase in the development rates and intersected the highest level of the Inca 1 orebody in the second week of February,” said Benson.
He noted that although only 20 m of sill had been developed to date, the best channel sample so far had been 3.8 m at 43.88 g/t gold equivalent.
“We remain on track to see high-grade underground ore enter the mill blend in the June quarter,” Benson added.
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