Alkane Resources is applauding its "great team" at Tomingley Gold Operations (TGO) after announcing a net profit after tax of $12.2 million for the six months ending December 2018.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The profit comes "off the back of continued good performance" by TGO in a "strong price environment for Australian gold", the Australian Security Exchange reports.
In the six-month period almost 30,500 ounces of gold was sold at an average price of $1717 an ounce.
Alkane Resources reports of having $80.5 million in cash, bullion and listed investments.
READ ALSO:
Managing director Nic Earner said its strong balance sheet "positions us well to execute our growth plans into 2019",
"With our development underground, our encouraging exploration, our development-ready Dubbo Project and our strategic investments we look forward to the rest of this year," he said.
TGO is transitioning from open-pit to underground mining.
The first ore from the underground operation is expected to be brought to the surface in the second half of this calendar year.
