CAPITAL MARKETS

Equigold doubles profit on strong Dalgaranga output

GOLD miner Equigold has doubled its operating profit after tax for fiscal 2000 on the back of hig...

Greg Tubby

Operating profit after tax for the year ended June 30 reached $2.85 million from $1.42 million the year before. Operating profit before tax and abnormals rose to $4.51 million from $3.05 million and operating revenue was up 36% to $26.4 million.

A fully franked inaugural dividend up 2c a share has been declared.

The company is forecasting profits to increase further in 2001 when its Mt Rawdon project begins to make a contribution. The project, currently under construction, is expected to be commissioned in December and reach full production in January 2001.

Mt Rawdon, 84km south-west of Bundaberg in Queensland, is forecast to contribute 31,000 ounces to Equigold’s budgeted production for 2001 of 84,000oz.

 

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