Record gold production for Normandy

Australia’s largest gold miner broke several production records during its recently completed fiscal year.

For the year ended June 30, 1998, Normandy Mining (NDY-T) produced 1.4 million attributable ounces gold, up 6.9% from the previous fiscal year. The total cash cost was US$189 per oz., down 4.5% from the previous period.

Record gold production was achieved at six mines: Mt. Leyshon, Tennan Creek, Big Bell Underground, Martha, Ariab and Ity.

For the fourth quarter ended June 30, Normandy’s share of gold production was 371,650 oz., another record.

Zinc production during the year was up 23% to 132,800 tonnes, thanks in part to inaugural production from the Gossan Hill mine. In the coming year, the expansion of the Golden Grove treatment plant will partially offset dwindling production from the Woodcutters mine.

In keeping with its intention to focus on fewer but larger operations, Normandy has sold its interests in the Lero and Bow River projects, while boosting its stake in the Big Bell project to 100%.

As well, the company has renegotiated its syndicated bank debt in U.S. capital markets.

In exploration, Normandy has made several advances, intersecting further high grades at Vera South at Pajingo, at Boddington and at Perama Hill in Greece.