Friday, August 21, 2009

2009 Annual report and results - Norton poised for growth



Key Points 


w EBITDA for FY2009 of $36.6m, up $11m on FY2008

w Net cash from operations $48.4m 

w June cash balance $45.3m, up $13.3m

w Capital expenditure on growth projects $29.6m

w Non-cash hedge adjustment $35.5m 

o drove a Net Loss After Tax of $16.8m 

o arises from a change in accounting treatment 

w FY2009 sets a platform for growth from:

o optimising the LoM and strengthening the resource base

o Homestead underground project commencing production and lifting FY2010 gold output to 185 koz

o reducing unit costs – through increasing grade and mining innovation

 

About Norton 

Norton Gold Fields Limited is one of the largest ASX-listed domestically-owned gold producers. 

Norton produces around 150,000 oz per year from its open cut operations at Paddington near Kalgoorlie in Western Australia. The current mine life is in excess of 10 years. Output is expected to increase towards 200,000 oz per year during FY2010 with the development of the Homestead underground mine now underway.

Development of the Queensland Mount Morgan Mine Project will add a further 30,000 to 35,000 oz per year gold production and has been approved by the Board subject to suitable funding. Mount Morgan can be in production within twelve months.

Completion of Homestead and Mount Morgan mines will drive total gold production to 230,000 to 250,000 oz per year and diversify production sources.

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