??Record Group quarterly gold production of 61,973 ounces at a total cash cost of US$824/ounce. ??Full year Group gold production was in-line with guidance of 200,000 ounces. ??Second-highest quarterly gold production from Chatree of 46,053 ounces at a total cash cost of US$686/ounce. ??Chatree Mineral Resources to 30 April 2013 increased by 9% to 4.03 million ounces of gold and Ore Reserves to 30 April 2013 increased by 13% to 1.82 million ounces gold, mainly due to a successful drilling campaign initiated during the year. ??A strategic review of operations at Challenger resulted in a restructure of the mine plan to focus on the higher grade Challenger West ore body. ??Cost cutting initiatives are being implemented across all areas of the company with savings of over A$25 million across the Group. These initiatives include a planned effective 20% reduction in Senior Executive remuneration and a 10% reduction in Director’s fees. ??Environmental Impact Assessment (EIA) approval received for the Nueva Esperanza project.
KCN Price at posting:
$1.61 Sentiment: None Disclosure: Held
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