International Antam Resources Ltd. announces 2002 results
Saturday, May 24 2003 - 02:54 AM WIB
In the twelve month period ended December 31, 2002, revenue improved 25.6 percent to C$5,565,313 compared to revenue of $4,428,153 in the previous year. Revenue was generated from the sale of 10,803 ounces of gold and 48,065 ounces of silver from the company's operations at Cikidang, West Java, Indonesia.
Net earnings, after tax, for the twelve-month period ended December 31, 2002 were $105,419 compared to a net loss of $2,866,835 in the previous year. The improvement in earnings was attributed to increased revenues and the absence of write-offs of mineral properties during the period.
The company's cash cost of production for the period was US $220 per ounce of gold equivalent produced compared to US $205 during the year 2001. Total production cost, including amortization, of US $260.82 per ounce of gold equivalent produced compared to US $255 for the year 2001. The average sales price received during the year 2002 was US $308 per ounce of gold and US $4.59 per ounce of silver compared to US $274 per ounce of gold and US $4.33 per ounce silver for the year ended December 31, 2001. (alex)