PanAust targets steady earnings
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SYDNEY, Jan 24 AAP
January 24 2013, 11:01AM
Copper and gold producer PanAust has forecast steady earnings in 2013 after meeting its production targets for 2012.
The company has two main mines in Laos, in southeast Asia.
PanAust on Thursday said it had generated unaudited earnings before interest, tax, depreciation and amortisation (EBITDA) of $US330 million ($A314.33 million) in 2012.
It forecast EBITDA in 2013 of between $US320 million and $US350 million ($A304.81 million and $A333.38 million), assuming a copper price of $US3.60 per pound.
The average copper price in the three months to December was $US3.57 per pound.
PanAust shares were down 28 cents, or 8.4 per cent, at $3.07 at 1051 AEDT.
The company says it expects to produce between 62,000 to 65,000 tonnes of copper in concentrate in 2013, after producing 63,285 tonnes in 2012.
Its cash cost of copper production is expected to rise slightly, to up to $US1.25 per pound, from $US1.11 per pound in 2012.
Precious metal production is expected to rise in 2013, PanAust said.
Gold production is forecast to be between 160,000 and 175,000 ounces, after 2012 production of 135,965 ounces.
Silver production is expected to be between 1.1 million and 1.2 million ounces in 2013, up from 616,687 ounces in 2012.