TC

24/01/2020 14:00

Dragon Mining (01712) sees year net turn to black

[ET Net News Agency, 24 January 2020] Dragon Mining Limited (01712) said it is expected
that the group will record a net profit for the year ended 31 December 2019 ranging
between approximately AU$5.8 million and AU$7.2 million, as compared to the net loss of
AU$9.5 million for the year ended 31 December 2018.
Such improvement was due to (a) a significant increase in production of high-grade ore
tonnes from underground stopes at Orivesi Mine in the year 2019 following the group's
development activities in the upper parts of Orivesi in the year 2018; (b) the processing
in 2019 of an amount of high-grade Orivesi ore with an average grade of 9.4 g/t of gold
which was originally scheduled for processing during the last two weeks of 2018 but was
delayed due to operational problems; and (c) the commencement of processing the initial
batch of ore from the Faboliden Gold Mine at the Svartliden Plant in northern Sweden. (RC)

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