Gold, Gold Road Resources, News, Quarterly and half yearly results

On a safe and profitable Gold Road

gruyere gold

Gold Road Resources chairman Tim Netscher has praised the company’s safe and profitable year, celebrating over 1000 days without a lost-time injury at its Gruyere gold mine in Western Australia.

Speaking at Gold Road’s annual general meeting, Netscher said that though Gruyere faced complex and uncertain times during 2023, the mine continued to operate and contributed to record gold sales of 161,472 ounces.

“(These sales) in turn generated record earnings before interest, taxes, depreciation and amortisation of $250.1 million,” Netscher said.

“Record free cashflow generation of $140.2 million allowed us to continue to make two page three of four dividend payments to shareholders during the year – the third successive year in which we have rewarded shareholders with an interim and a final dividend.”

Netscher also praised the way the company handled the sustained adverse weather events in the Goldfields region of WA during 2023.

“I must also commend all parties for the professional way in which they managed operations at Gruyere earlier this year when – in March – the north-eastern Goldfields area was hit by a significant and sustained regional rain event that forced the temporary cessation of open pit mining activities, as well as the closure of access routes to Gruyere,” he said.

“The team’s performance in safely ramping down Gruyere’s operations in response and then back up to record mining rates following the rain event was a tremendous achievement.

“I am pleased that this same team is now leading the catch-up of the production lost through this event, which makes me feel confident that we have a good chance of achieving our annual production guidance.”

The year 2023 also marked a decade since Gold Road discovered the Gruyere deposit, and in April 2023, Gruyere produced its one millionth ounce of gold.

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