Focus Minerals Ltd. Reports Production and Revenue Results for the Six Months Ended December 31, 2012; Provides Earnings Guidance for the Six Months Ended December 31, 2012; Provides Production Guidance for the Second Half of Fiscal 2013
Revenue for the half was $130 million, up from $104 million.
The company announced its unaudited net loss after tax for the six months ended 31 December 2012 is expected to be approximately $27.4 million. This figure includes losses for minority interests in its Laverton operations of $4.1 million. The expected consolidated loss for Focus for the period is therefore $23.3 million. The half-year loss of $27.4 million is primarily impacted by the following large expense items: Approximately $26 million in amortization costs, including $22 million for the pre-strip of the Apollo pit complex in Laverton; and $15 million in royalty payments, including $9.6 million for an inherited royalty obligation with respect to a long-standing agreement on selected tenements in the Laverton region.
With the company currently transitioning between primary ore sources at both Laverton and Coolgardie, production for the second half of 2013 is expected to be between 60,000oz and 70,000oz.