Peninsular Gold to remain unhedged

Malaysia-focused mining firm Peninsular Gold expects the price of gold to continue rising, as it said it will continue to remain an unhedged gold producer.

Revenue for the year to the end of June rose from £10m last year to £14.2m, leading to pre-tax profits of £0.7m, compared to £0.2m the previous year.

Earnings before interest, taxes, depreciation, and amortisation for the year were £4.12m, compared to £3.17m the previous year.

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During the year the firm produced 16,469 ounces of gold, with an estimated 1.23m tones of tailings processed at an average grade of 0.6 grammes per tonne.

Since the end of the period, the firm produced an additional 3,695 ounces of gold for the quarter July to Sept.

The firm has not recommended the payment of a dividend.

The share price fell 1.85% to 26.5p by 14:21.

NR