Friday, 20th January 2006 (3408 views)

Australian firm, Dominion Mining, has announced record gold production for the second consecutive quarter.

The company increased gold production at its low-cost Challenger Gold Mine in South Australia by 25 per cent to 29,850 ounces for the quarter to December 2005.

Operating costs were reduced by 17 per cent from the September 2005 quarter to £109 per ounce.

Operational improvements introduced last year and the move to a wholly underground production has seen a surge in figures for the last half of the year, with gold production reaching 53,707 ounces at an average operating cost of £119 per ounce.

The strong operating and financial performance is expected to continue this year as promising reserve replacement and underground drilling figures are expected to keep the company moving forward.

The company sold 52,374 ounces of gold in the six months to the end of December, bringing in over £13 million.

 

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