Auric Mining Turns Profit on WA Gold Sales
Auric Mining has posted a remarkable half-year profit of $28 million before tax, marking a significant turnaround from a loss of just $1.35 million in the previous period.
The company's revenue reached $44.8 million, driven primarily by its Munda gold mine near Widgiemooltha in Western Australia, which produced 6168 ounces of gold at an all-in sustaining cost of A$2857 per ounce.
Auric's managing director, Mark English, attributed the result to a disciplined approach to mining and capital management, stating: 'This is an excellent result for Auric, reflecting our focus on disciplined capital management and execution across the business.'
The company has a healthy balance sheet with total assets of $62 million, including a cash balance of $38 million and no debt. It also maintains an unhedged position to the gold price.