Gold One outputs misses its forecast

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IOL BR mining PIC001 Reuters.

Johannesburg - Gold One International (GDO) has reported production of 57‚584 ounces of gold in the quarter ended December 2012 - 2% below its forecast.

Releasing its production figures on Thursday‚ the gold miner said that Cooke 1‚2 and 3 Underground Operations have returned to operational profitability‚ while Cooke 4 commenced production following a month long suspension.

The group reported positive cashflow from operations of US$ 3.17 million in the quarter - an improvement of US$ 12.36 million from previous quarter.

It reported group operating cashflow of US$ 15.53 million.

Group cash cost decreases by 6% from previous quarter to US$ 1‚296/oz.

Highlights in the quarter included the initiation of the Gold Fields and Gold One West Rand Tailings Joint Venture pre-feasibility study and the appointment of Chris Chadwick as acting CEO.

Looking ahead to the current quarter‚ the group is forecasting production of 63‚500oz of gold -25‚000oz from Modder East‚ 30‚000oz from Cooke Underground Operation and 8‚500oz from Randfontein Surface Operation.

For the full year 2013‚ it is forecasting production of 300‚000oz - 135‚000oz from Modder East‚ 130‚000oz from Cooke Underground and 35‚000oz from Randfontein Surface. - I-Net Bridge

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