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Tucano delivers maiden profit for Beadell

Tucano delivers maiden profit for Beadell

Photo by Duane Daws

26th March 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Beadell Resources has reported a maiden profit of A$113.5-million for the financial year ended December, following the commissioning of its Tucano gold project, in Brazil.

More than two-million tonnes of ore were mined during the full year, delivering 182 547 oz of gold, of which 172 316 oz were sold at an average gold price of A$1 468/oz.

“Considering that this result includes a three-month commissioning period, our team have delivered an outstanding set of numbers for our maiden year of production,” said Beadell MD Peter Bowler.

He noted that the company had repaid around A$55-million in debt, completed import plant and equipment upgrades, and maintained a strong cash and bullion balance.

The gold miner was targeting 2014 full-year production of between 200 000 oz and 220 000 oz, after updating its mine plan at the Tucano gold project, with higher gold production to be geared towards the second half of the year.

Edited by Creamer Media Reporter

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