Business
2008 Annual Financial Report
2008 Annual Financial Report.
About this update from Kazera Global Plc
[{"type":"text","content":"\n RNS Number : 8582T KazakhGold Group Ltd 12 June 2009 \n \nPress Release - For immediate release - 12 June 2009\n\nKazakhGold Group Limited - 2008 Audited Results (Year to 31 December)\n\nHighlights \n\n\nGold production of 103,760 ounces (2007: 232,060 ounces), including 4,593 ounces of gold from the reprocessing of finished product, reflects disruption to short-term production from investment in mine refurbishment and production capacity upgrades, and lower than anticipated mining of high grade ore\n\n\n110,929 ounces of gold sold (2007: 253,056 ounces)\n\n\nAverage gold price received increased 17.1 per cent to US$820 per ounce (2007: US$700/ounce) \n\n\nFSU classified (audited by Wardell Armstrong International) gold reserves and resources of 59.6 million ounces, as at 1 January 2008 \n\n\nEssential investment in upgrading and expanding capacity at Aksu, Bestobe and Zholymbet\n\n\nFurther progress made to re-classify the Group's resource base to the JORC Code\n\n\nInitial exploration results indicate significant potential for a large open pit mine at Southern Karaultube, near the Zholymbet mine\n\n\nSuccessful institutional placement of 2.3 million new ordinary shares (via GDRs) at US$ 23.0/GDR\n\n\nRecommended partial offer for 50.1 per cent of the Group received from an indirect wholly-owned subsidiary of Polyus Gold\n\n\n\n\n\n\n\n\n\n\n2008\n(year to 31 December)\n\n\n2007\n(year to 31 December)\n\n\n\n\n\n\n\nUS$ '000\n\n\nUS$ '000\n\n\n\n\nRevenue\n\n\n91,001\n\n\n176,996\n\n\n\n\nOperating (loss)/profit\n\n\n(47,782)\n\n\n56,837\n\n\n\n\nPre-tax (loss)/profit\n\n\n(56,804)\n\n\n51,232\n\n\n\n\nEBITDA\n\n\n(26,816)\n\n\n69,395\n\n\n\n\nEarnings per share (US$) - basic and fully diluted\n\n\n2.26\n\n\n0.39\n\n\n\n\nNet assets\n\n\n953,841\n\n\n782,478\n\n\n\n\nGold production\n\n\n103,760*\n\n\n232,060\n\n\n\n\nAverage achieved sales price (US$ per contained oz)\n\n\n820\n\n\n700\n\n\n\n\n* Including 4,593 ounces of gold from the reprocessing of finished product\n\nCommenting on KazakhGold Group Limited's 2008 results, Executive Chairman, Dr Kanat Assaubayev said:\n'During 2008 KazakhGold Group undertook further significant work to upgrade and expand production capacity, as part of a planned programme of investment to realise the full potential of our world ...