Mandalay Resources Reports Record Earnings

By Midnight Trader,  August 09, 2012, 03:52:37 PM EDT

Mandalay Resources Corporation (MND.TO) today reported record quarterly net income of $19 million, compared with $2 million in the same period last year.

Revenues rose to $46 million from $24 million in 2011.

Brad Mills, Chief Executive Officer of Mandalay, commented: "Our financial performance in the second quarter of 2012 was extremely strong as the production ramp-up at Cerro Bayo neared completion and we made significant operational improvements at Costerfield. Mandalay delivered record gold, silver and antimony production and sales with excellent cost control, posting sharply lower unit costs at both mines - a record low of $4.12 per ounce silver net of gold credits at Cerro Bayo and a recent low of $1,052 per ounce of gold equivalent at Costerfield.”

MND shares were trading two cents higher at $0.62.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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