Emerald Resources shares slip as FY production and costs rise
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The news: Shares in Emerald Resources slipped on the ASX as the gold miner posted record full-year production at its Okvau operation in Cambodia, but experienced higher associated costs.
The numbers: Emerald shares were down 0.5% to $3.64 by 2:40pm AEST.
Gold production at Okvau totalled 114,100 ounces for the year, up 4.8% compared to FY23 and meeting its full-year guidance.
All-in sustaining costs (AISC) of USD818 ($1,260) per ounce also met guidance, but represented a 2.4% rise year on year.
Cash and bullion on hand at 30 June came to $162.3 million, up from $90 million a year earlier.
The context: Emerald noted that the acquisition of Bullseye Mining during the June quarter "clears the way" for the company to ramp up activities at the Dingo Range gold project in Western Australia. This includes finalising the miner's initial resource and continuing feasibility studies, with a view to an investment decision on development in late 2024.
What they said: Emerald's managing director Morgan Hart said: "The strength of the gold price along with our contained cost and consistent production profiles at the Okvau Gold Mine, has generated significant cash flow which continues to underpin our abilities to advance growth opportunities to deliver a multi-mine, diversified gold mining company".
The source: ASX announcement
