Business
Monument's Fiscal 2014 Results
Gross Revenue of $48.6M with Cash Cost of $613 /Oz VANCOUVER , Sept. 29, 2014 /CNW...
About this update from Monument Mining Limited
[{"type":"text","content":"\n\nGross Revenue of $48.6M with Cash Cost of $613/Oz\n\n\n\nVANCOUVER, Sept. 29, 2014 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) \"Monument\" or the \"Company\" today announced its annual financial results for the year ended June 30, 2014. All amounts are in thousands of United States dollars unless otherwise indicated (refer to www.sedar.com for full annual financial results).\n\nPresident and CEO Robert Baldock commented on fiscal 2014 annual production and financial results: \"While the gold price was low during the year, the Company continued its gold production with lower grade materials, before processing sulphide ore which is pending test results from its R&D programs. The Company will continue to use its surplus cash from operations for funding upside growth. \n\nOur focus for the year ahead is the strategic development of our project portfolio and to increase our production profile. During fiscal 2014 the Company continued to grow its balance sheet with value added projects being acquired, which is aimed to take advantage of the downturn in our cyclical industry. The objective of the diversification strategy by spreading country risk, metal risk and single cash flow source risk is to become a mid-tier gold and base metals producer and build its inventory of metals to enable the ability to deliver sustainable dividends in due course.\" \n\nFiscal 2014 Highlights:\n\n\nProfit margin generated from gold production of $16.3 million \nGold production of 35,983 ounces (\"oz\")  produced at an average cash cost of $613/oz; \nGross revenue of  $48.6 million, generated from gold sales of 37,670 oz; \nNet loss attributable to shareholders of $2.6 million or $0.01 loss per share (\"EPS\"); \nOxide Magnetite purchase and profit sharing agreement completed at the Mengapur project; \nContinued overhaul of Malaco plant and construction of iron beneficiation plant at Mengapur aimed at producing saleable iron  products from oxide iron top soils; \nAcquisition of the Murchison Project in Australia and commencement of a targeted exploration programme; and \nOngoing exploration at Buffalo Reef, Panau, Madang Ridge, Felda and Famehub for additional feed for the Selinsing mill. \nFourth Quarter and Fiscal 2014 Production and Financial Highlights\n\n\n\n\n\n\n\n\n\nThree months ended June 30\n\n\nYear ...