Allied Gold ups profit

Business, Main Stories

The National – Tuesday, February 15, 2011

ALLIED Gold Ltd has reported a net profit of A$9.39 million for the six months to Dec 31 last year, up 143% from same period the previous year.
In a statement the miner’s revenue rose 24% to A$40.94 million.
Allied Gold, which is listed on the Australian Securities Exchange and Toronto Stock Exchange, operates gold mines in PNG and the Solomon Islands.
The company said mining at its Gold Ridge project in the Solomon Islands began last November and in the middle of last month, there were about 130, 000 tonnes of ore on the run of mine (ROM) pad.
The statement said the plant commissioning was imminent and first gold was due in the March quarter.
Meanwhile, the Simberi plant in PNG has produced 18, 921oz of gold in the three months to Dec 31 last year.