Inaugural gross profit at Vatukoula Gold Mines
26 February 2010 @ 04:12 pm BST
Vatukoula Gold Mines posts an inaugural gross profit of 1.4m for the year to the end of August.
This compares with a loss of 0.6m in 2008.
Total revenues for the group increased to 18.8m - up from 3.8m last time.
The firm said the improved performance was due to the increase in production and a higher average gold price received of $881 per ounce plus major advances in its ongoing production ramp-up at the Vatukoula gold mine with output totalling 33,757 ounces (2008: 12,847 ounces).
Chief executive David Paxton said: "We continue to believe that this mine can produce 100,000 ounces of gold per year and we believe that the expenditure on significant new machinery and mine development will prove to be a solid long term investment."
Story provided by Business Financial Newswire
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