25 May 2012

Forex gains help Peninsular

13/03/2009 Robert Tyerman

A £549,000 foreign exchange turnaround helped Malaysia-focused Peninsular Gold cut first-half losses by £273,000 to £672,000.

Based in Jersey and quoted on AIM, Peninsular has hitherto concentrated on extracting gold tailings from past mining at Raub in the Malaysian state of Pahang. The company has already started production there and expects to produce 25,000 oz of gold a year at a cash cost of less than  $300 an ounce, against a market price of more than $900.

Peninsular, steered by chairman and chief executive Dato Sri Andrew Kam, suffered a 43 per cent increase in operating losses to £712,116 in the first half-year before taking into account foreign exchange gains of £334,000, against £215,000 losses a year earlier. Kam says the company intends to explore the deeper potential of Raub, below the tailings, and remains confident of an additional gold resource there of more than one million oz.

Peninsular is also scheduled to ‘recommence’ exploration at Tersang in the same vicinity. Meanwhile, the company has paid $17 million (£12 million) buying back an outstanding $20 million (£14 million) of 10.5 per cent loan notes, an operation partly funded with a £10.8 million facility at a lower cost of 8.25 per cent.

Peninsular shares, which fell from 62.5p in 2006 to 14p in January, have now rallied to 42p, up 15 per cent since Growth Company Investor highlighted them last month. They have a chance to rally further over the medium term.

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Sector: Mining

Companies: Peninsular Gold

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