Financial results for the half year ended 30 June 2013
Group EBITDA of USD 24.0 million achieved as costs fall and production volumes double
Operational Highlights
Marampa, Sierra Leone (100% owned)
Zero fatalities and lost time injuries
Production volumes up 129% year on year to 1,535Mdmt
Successful commissioning and ramp up of second processing plant with capacity of 3.6Mdmt/a now installed
Wet season mitigation measures in place and delivering as expected
Run rate of 5Mdmt/a expected to be achieved by year end
Life of mine study will be completed in Q3 2013
Financial Highlights
Group EBITDA of USD 24.0 million, an increase of USD 24.2 million from H1 2012 (loss of USD 0.2 million)
EBITDA contribution from Marampa of USD 39.3 million a 200% increase from H1 2012 (USD 13.1 million)
Loss before taxation reduced by USD 14.0 million to USD 5.0 million (H1 2012 : USD 19.0 million)
Revenue of USD 142.1 million at Marampa up 146% compared to the corresponding period
Operating cost of USD 62/dmt, down 18% year on year from USD 76/dmt
Remaining capex of USD 48 million to complete expansion to 5Mdmt/a, total capex of USD 340 million is reiterated
1.1Mdmt of H2 2013 sales hedged at an average price of USD 120/dmt CFR, 0.7Mdmt of H1 2014 sales hedged at USD 118/dmt CFR
Drawdown of restructured corporate facility of USD 180 million, permitted consolidation of unsecured loans
Strong balance sheet to complete expansion with USD 71.8 million cash at end of June
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