Norton Goldfields is a big goldmining company in Australia
160000 ouncen Gold p year
By: Esmarie Swanepoel
16th February 2011
Updated 3 hours ago
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PERTH (miningweekly.com) − ASX-listed Norton Gold Fields said on Wednesday that it would report a net profit before tax of A$12,2-million for the six months to December, compared with a net loss of A$17-million in the previous corresponding period.
The company said that it would also report a gross profit of A$26,6-million for the interim period, compared with the A$11,3-million reported in the previous corresponding period.
“The unaudited pretax result of A$12,6-million for the six-month period is a good result and a credit to the team at Paddington and their commitment to the new operational strategy,” said MD Andre Labuschagne.
“This also shows the positive impact of setting the hedge with Lehman last year, as it allows us to obtain full value from the rising gold price.”
Revenue for the six-month period also increased by 47% over the corresponding period last year, largely as a result of a 27% increase in the volume of gold shipped, and a 15% increase in the average gold price received.
The miner shipped 81 727 oz of gold during the interim period under review.
During the 2010 financial year, Norton produced 140 000 oz of gold from its opencut and underground operations at Paddington, in Western Australia. The company was now forecasting a production of between 155 000 oz and 160 000 oz of gold for the 2011 financial year.
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