Friday, 22 February 2013

Mandalay Resources reveals record results; declares quarterly divi

Record saleable volumes from Mandalay Resources' (TSE:MND) two mines led to record 2012 results, the firm said today.
Revenue for the year to December 31 came in at C$171.8 million while underlying earnings (EBITDA) was C$79.9 mln.
For the final three months of the year, revenue stood at C$55.7 million and EBITDA was C$28.8 million.
As a result, the board has declared a quarterly dividend of C$0.01 per share to be paid on March 14.
Mandalay's chief executive Brad Mills told investors: "Mandalay ended the year with a very strong fourth quarter as both mines produced record saleable volumes.
"This translated into record financial performance. The company paid off all remaining debt in the fourth quarter and started returning cash to shareholders in the form of a dividend.
"We are now focused on the next stages of growth for both projects, specifically the development of the Cuffley lode at Costerfield beginning in mid-year 2013 and the expansion of Cerro Bayo to 1,400 tonnes per day during the first quarter of 2014."
As reported last month, in the full year 2012, Mandalay produced a total of 35,125 ounces of gold, 2,481 tonnes of antimony and 2.91mln ounces of silver (107,941 oz gold equivalent).
For 2013, Mandalay said it expects production to rise to between 112,000-123,000 oz of gold equivalent, comprising 2.8-3.1 million ounces of silver, 36-42,000 oz of gold and 2,800-3,000 tonnes of antimony.
Mandalay has producing assets in Australia and producing and exploration projects in Chile.

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