Multi commodity producer and explorer, Alkane Resources Ltd, has recorded a net profit after tax of A$3,337,000 for the half-year ended 31 December 2014 (31 December 2013: A$4,071,000).
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The result includes a profit before tax of A$7,793,000 in relation to Tomingley Gold Operation (TGO) which was in operation for the full reporting period.
While TGO incurred a loss of A$4,695,000 in the previous corresponding period when production had not yet commenced, Alkane posted a higher profit in the half year ended December 31, 2013, which was principally from the sale of 11,200,311 Regis Resources Limited shares.
Gold production for the half year was 41,537 ounces at an all in sustaining cost of $991 per ounce.
Estimated production guidance for the year to 30 June 2015 was increased from 60,000-70,000 ounces to 65,000-75,000 ounces.
Alkane’s A$1 billion Dubbo Zirconia and rare earths Project (DZP) recently received advice that the Planning Assessment Commission (PAC) had completed its review of the project and had recommended it could be approved subject to certain conditions.
Alkane’s initial internal review of the PAC recommendations indicates that there is nothing that raises any material concerns for the development of the project.
