Gold miner's resources at 15-year high

Otago miner Oceana Gold made earnings after tax of $A13.9 million ($16 million) in 2005, majority shareholder Perth-based GRD said on Friday.

In its preliminary final report for the year to December 31, GRD said Oceana had earned A3.9 cents a share for the year.

Gold production had totalled 170,019 ounces at a cash cost of $A378 an ounce in 2005, GRD said.

Oceana's total company resources had increased 14 per cent to 7 million ounces of gold, the highest level in its 15-year operating history.

Production was set to increase by more than 60 per cent to 300,000 ounces a year, based on planned development at Frasers Underground, at the Macraes goldfield in Otago, and the Globe Progress project near Reefton on the West Coast.

Dual listed construction and development company GRD said its overall revenue was up 22 per cent to $A306. Profit before tax and minority interests was $A14.8 million, up from a 2004 loss of $A68.6 million.

GRD net profit after tax attributable to members for the year was $A2.2 million, compared with a loss of $A23.4 million in 2004.

The company said it would not propose a final dividend because of capital commitments.

- NZPA