It also beat its production guidance after churning out 411,933 ounces of the precious metal which exceeded its revised target for the year of 405,000oz.

Cash operating costs and total cash costs of $550/oz and $650/oz were on par with its projections, while gross profit from all its operations came in at $228 million for the year.

The star performer was the successful ramp-up of its 80%-owned Cöpler heap leach operation in Turkey which produced 57,800oz of gold in the latest three-month period, a 9% increase over the previous quarter.

Cöpler started production last year and produced 185,000oz.

A feasibility study into a planned sulfide development at the site, designed to lift rates to around 400,000oz per annum, is due to be handed down later this year.

Meanwhile, its wholly-owned Higginsville and South Kalgoorlie Operations in Western Australia, including its 49%-owned Frog’s Leg underground mine, produced 236,000oz last year, but the target is to increase volumes to around 400,000ozpa.

Production from all its operations reached 113,861oz in the latest quarter compared to 112,680oz in the September three-month period.

Shares in Alacer were unchanged in morning trade on $8.