Mining group’s golden result

GOLD production by Ben­digo Mining has substantially increased over the past financial year.Production to June 30 was up 116 per cent, with almost 80,000 ounces of gold being recovered from the company’s mines in Tasmania and Kangaroo Flat.Managing director and chief executive Rod Hanson said production for the June quarter alone had increased 10 per cent — proof that investments in exploration were starting to pay off.“That contributed to a full year production result of 79,827 ounces, in line with previous guidances.“The $3.8 million investment in mining equipment at the Henty Gold Mine has begun to deliver, with improved mining rates.”Bendigo Mining also had increased results in gold grades and production at the Kangaroo Flat mine.“Production at the Kangaroo Flat mine was strong — production up 16 per cent on the March quarter with increased grade from the Gill and Dumble reefs.”A total of 36,349 ounces of gold was produced from Kangaroo Flat during the last financial year, with an average grade of 6.2 grams per tonne.The Henty Gold Mine produced 43,178 ounces with an average grade of 5.2 grams per tonne.Mr Hanson said the closing cash balance for the financial year was $57.2 million, after the company’s first international investment.Bendigo Mining bought a 20 per cent share in a West African gold company, including a seat on the board that is held by Bendigo Mining’s chief financial officer Tim Churcher.“The closing cash balance of $57.2 million is after the investment to acquire and maintain a 20 per cent share in the AIM-listed West African gold explorer GoldStone Resources,” Mr Hanson said.“The strong balance sheet will support continued growth of the company through exploration, development and acquisition.”