25 May 2012

Interim turnaround at Orosur

13/01/2011 Robert Tyerman

South American gold play Orosur Mining has turned $3.1 million (£1.98 million) first-half losses into pre-tax profits of $7.1 million. Based in the Uruguayan capital Montevideo and quoted on AIM, the company increased turnover nearly 30 per cent to $35 million in the six months to November and benefited from a rising gold price and pared costs.

In the second quarter, output from Orosur's San Gregorio project in Uruguay slipped from 13,580 oz to 12,576 oz, but cash costs fell from $871 to $790 an ounce, while the average price received rose 25 per cent to $1,332 an ounce. The company, which ended November with nearly $14 million cash, says it now hopes to add 1,000 oz a month to second-half production and will proceed with underground development at Arenal Deeps within San Gregorio, undeterred by impending new Uruguay state royalties.

Orosur is particularly upbeat about prospects in Chile, where it has already identified a potential one million oz of gold at Pantanillo Norte and is looking at another project, Anillo. Recommended by Growth Company Investor in September at 29.75p, the shares have now reached 97p. Hold on for now.

Tags: AIM market, Gold explorer, Uruguay

Sector: Mining

Companies: Orosur Mining

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