- Interim net profit hits A$4.88m on the sale of 21,202oz of gold
- EBITDA increases to A$8.46m, up 346% from previous corresponding period(A$2.46m)
- Production on track to hit 80,000oz this calendar year with refurbished Three MileHill processing facility now fully operational
- Targeting production of +100,000oz from 2011 onwards
West Australian gold miner Focus Minerals Limited (ASX: FML) is pleased to announce an interim net profit of A$4.88 million for the six months to December 31, 2009.
The strong result, which is underpinned by the sale of 21,202 ounces at an average price received of A$1085 per ounce, includes a 346% increase in Earnings Before Income Tax Depreciation and Amortisation (EBITDA) from the corresponding period.
Following the close out of the last remaining forward gold contracts in December last year, Focus is now hedge‐free and fully exposed to the prevailing high gold spot price.
Focus Chief Executive, Campbell Baird, said the result was particularly pleasing given production for the half was achieved through a single 45 day toll treating campaign.
“With Three Mile Hill now fully operational and our aggressive exploration program in full swing, it is clear we are gaining a lot of momentum and there is a great deal to look forward to in the second half of 2010.”