Business
Half-yearly report
Half-yearly report.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n\n SERABI MINING plc (\"Serabi\" or \"the Company)\n Interim Results for the six months ended 30 June 2007\n\n\nHighlights\n\n* Completion of £12.5 million placing provides strengthened\n foundation for resource and production growth\n* Exploration success points to wider potential and basis\n for short-term production expansion\n* First half production of 18,718 ounces gold equivalent\n represents a 6% year-on-year improvement\n* Mining volumes and plant throughput are at record levels\n* Further improvements to mining and mill productivity are\n anticipated during the remainder of 2007\n* Changes to mining methods introduced with noticeable\n benefits anticipated at the end of the year\n* Management changes reflect the Company's changing status\n to a producer with significant exploration opportunities\n* Operating profits being generated by the Palito mine.\n EBITDA for the six months of US$1.1 million\n (2006 - calendar year loss of US$0.8 million)\n\nReport of the Chairman and Chief Executive\n\nHaving achieved commercial production at the Palito gold mine last\nOctober, the first half of 2007 has brought with it a number of\nimportant successes that highlight the company's future potential and\nat the same time a number of new challenges. Taken together, Serabi\nhas established a strong platform and is now ready to move forward to\nthe next stage, which is intended to position the company for\nsignificant growth.\n\nExploration and Development\nWithout doubt the exploration success we have previously reported at\nJardim do Ouro over the Ruari's Ridge, Chico da Santa and Palito West\nprospects, is one of the highlights of the period and provides\ntangible evidence of the wider potential of the Jardim do Ouro\ndistrict. We are confident that as we step further away from the\nPalito Main Zone, we will continue to discover new prospects of\nsimilar character which can serve as satellite mining operations for\na central plant and a basis for resource and production growth.\n\nWith this objective in mind, we successfully completed the placing of\nnew ordinary shares in July to raise gross proceeds of US$25\nmillion. Combined with cash flow from current operations, the funds\nwill in part allow us to evaluate in detail the Ruari's Ridge, Palito\nWest and Chico da Santa prospects. We would anticipate that a\nsuccessful ...