ENP Newswire -
Release date- 28082014 -
Commenting on the financial results, Beadell's Managing Director,
With the dry season now underway, we are currently enjoying significant improvements in material movement and gold production. This, along with the planned completion of the extremely high grade Duckhead gold pit by year end, will result in a very strong second half, particularly the fourth quarter.
We have also been encouraged by several small discrete but profitable production sources still being uncovered near to our operating pits that are able to be processed through the plant in the coming months. Further to this, a Feasibility Study for Urucum underground, including a 20,000m drill program is underway. With unhedged production and low All-In Sustaining Costs ('
Half Year Result
Rainfall was 46% above the historical mine site average for the second quarter which restricted total material moved thus impeding mine production at Tucano. Despite the Company's
Profit before tax has been negatively impacted by net finance expense, in particular, a
Tax expense for the half year was
Beadell received cash payment for 65,880 ounces during the half year, generating net cash flows from operating activities of
Cash payments for investing activities were
Cash flows from financing activities were positive
Beadell's balance sheet has strengthened during the half year with net assets increasing to
This leaves the Company in an unhedged position with no exposure to gold or FX derivatives. Importantly, prior to
Overall gearing has reduced by
Exploration activities during the year were focused on Duckhead, Tartaruga and at the Tropicana East project in
Gold production guidance for the second half of 2014 of 120,000 - 140,000 ounces of gold remains unchanged with cash costs of
Full year guidance is for 180,000 - 200,000 ounces of gold at full year cash costs of
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Forward Looking Statements
These materials include forward looking statements. Forward looking statements inherently involve subjective judgement and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and may be unknown to, the company.
Actual results and developments may vary materially from that expressed in these materials. The types of uncertainties which are relevant to the company may include, but are not limited to, commodity prices, political uncertainty, changes to the regulatory framework which applies to the business of the company and general economic conditions. Given these uncertainties, readers are cautioned not to place undue reliance on forward looking statements.
Forward looking statements in these materials speak only at the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, the company undertakes any obligation to publicly update or revise any of the forward looking statements, changes in events, conditions or circumstances on which any such statement is based.
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