Way Linggo mine underpins Kingsrose record profit
Friday, September 7 2012 - 03:32 AM WIB
Australia-listed Kingsrose Mining Ltd reported a record after-tax profit of A$17.6 million for the year to 30 June 2012, up 44 percent from the previous corresponding period.
The result reflected an outstanding 12 months at the company?s 85 percent owned Way Linggo project in Lampung. Production at Way Linggo totaled 37,650oz of gold and 432,754oz of silver, the company said.
The strong cash flow generated at Way Linggo was highlighted by cash costs after silver credits of US$254/oz compared with the average realized gold price of US$1,675/oz.
Kingsrose also enjoyed a highly successful exploration program at Way Linggo during the year, culminating in substantial resource upgrade.
Resources at the Way Linggo Project increased by 25 percent to 485,869oz of gold and 3,183,278oz of silver. This was underpinned by a 73 percent increase in resources at the project?s second mine, Talang Santo, to 287,489oz of gold and 894,951oz of silver.
The production increase at Talang Santo is expected to more than offset the decreases in production from the more matured Way Linggo mine, thereby, Kingsrose remains on track to meet its production target of more than 40,000oz of gold this financial year.
Editing by Reiner Simanjuntak