AIM-listed copper, gold and silver mining company Vane Minerals has posted a 74 per cent rise in its fourth quarter revenue, prompting the share price to rise by a third on Wednesday morning.
The group said revenue for the three month period rose from $1.39m to $2.41m quarter-on-quarter.
Direct production costs fell 14.2% in the period to $688 per ounces of gold equivalent and $13.2m per ounce of silver equivalent.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Over the three months 1,154 ounces of gold and 17,830 ounces of silver were produced, compared to 979 ounce gold and 19,100 ounces of silver in the third quarter.
The average recovery rate was 79.5% for gold and 77.7% for silver, against 76.8% and 76.5% respectively in the previous quarter.
David Newton, the Chief Executive Officer of VANE said: "These results are very pleasing and demonstrate the consistency of production and revenues that are being generated. We look forward to 2013 with confidence and expect our Mexican business to continue to perform strongly as a result of the increase in processing capacity."
The share price rose 33.33% to 0.90p by 10:03.
NR
-
Why CEOs deserve a pay riseOpinion The CEOs of big companies often come under fire for being grossly overpaid. But the truth, as per some economists, is the opposite. Do they merit a pay rise?
-
Europe prepares to stand alone as Trump turns on UkraineSupport for old military alliances is wavering in the US under Donald Trump. Europe’s leaders are rushing to fill the void. Simon Wilson reports
