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Last Updated: 22/07/2010
Financial Report for the Half-Year ended December 31 2009
PROFITABLE HALF_YEAR TO 31 DECEMBER 2009
• Operating Cash Flow of $6.6 million for the half-year
• EBITDA of $5.9 million, compared to $3.2 million for the December 2008 half-year
• Net profit after tax of $0.7 million, compared to a loss of $2.3 million
• Total Tasmania Mine gold resources increased to 571,000 ounces
BCD Resources is pleased to report a net profit for the half-year of $0.7 million (31 December 2008
half-year: loss of $2.3 million). This was after providing $4.7 million for depreciation and amortisation. Earnings before interest, tax, depreciation and amortisation were $5.9 million, an 87.5% improvement on the December 2008 half-year result.
The improved performance mainly reflects a stronger Australian dollar gold price, partly offset by 4% lower gold production. The average gold price realised for the half-year of A$1,186 per ounce was 11% higher than for the same period last year. The average gold price received to date during calendar 2010 is A$1,234 per ounce.
A number of initiatives were commenced during the half-year to further improve productivity and reduce costs. These included the introduction of a new mining method with lower development and drilling costs, and selective mining of high grade areas by contractors.
The gross profit from Tasmania Mine operations was $7.8 million, which funded expenditure of $2.0 million on mine development and exploration. The benefit of this exploration was seen in a 37% increase in gold resources to 571,000 ounces. Cash increased by $4 million and bank debt was fully repaid during the half-year. Group cash and bullion despatched and accounted as revenue totalled A$12.1 million at 31 December 2009.
BCD Resources will continue to target resource extensions at the Tasmania Mine and will pursue an active gold exploration program. It continues to look at options to enhance the value of its attractive Victorian copper assets.