Westgold bolstered by strong half-year revenue

Westgold Resources has reported a 15 per cent increase in…

Westgold Resources has reported a 15 per cent increase in revenue for the half-year ending December 31 2023 (H1 FY24).

The gold miner’s revenue during the period equalled $363 million, with earnings before interest, taxes, depreciation, and amortisation totalling $146 million.

Westgold reported a five per cent decrease in gold production for the period, with 122,342 ounces of gold produced. The company also sold 122,081 ounces, a six per decrease from H1 FY23.

Despite the drop in gold production and sales, Westgold said the revenue increase reflects the 18 per cent increase in the achieved gold price of $529 per ounce. The company said it had also become free of fixed forward contracts in August 2023.

“Westgold’s H1 FY24 results begin to show the capacity the business has to deliver consistent returns to shareholders,” Westgold managing director and chief executive officer Wayne Bramwell said.

During the period, Westgold completed construction of its hybrid power stations and solar farms, continued drilling to extend the mine life of projects such as Big Bell, and commenced decline development of its Great Fingall gold mine in Western Australia.

“The FY24 corporate strategy has (continued) to streamline the portfolio of assets we operate, drive cost out and safely deliver (on) our operational targets,” Bramwell said.

“Safety, productivity and profitability are essential to building a sustainable business and with a clear focus, we look to H2 FY24 with confidence.”

Westgold closed the half-year with $238 million in cash and bullion and $44 million in net profit after tax.

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