PanAust not expecting earnings growth
Market watch top headlines
SYDNEY, Jan 24 AAP
January 24 2013, 4:41PM
Shares in Laos-focused copper and gold producer PanAust have slumped after it forecast flat earnings growth in 2013.
PanAust generated unaudited earnings before interest, tax, depreciation and amortisation (EBITDA) of $US330 million ($A314.33 million) in 2012, it said on Thursday.
The company expects 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 lost 30 cents, or nine per cent, to $3.05.
The company has two mines in Laos, in southeast Asia - Phu Kham and Ban Houayxai.
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.
PanAust will release its financial results for 2012 on February 21.