WA Gold miner Regis Resources
(ASX:RRL) has joined what could be a growing trend - a weakness in output in the three months to September mitigated by record high prices for the metal.
It’s only three so far - one in Africa (Far West African Resources) and two here, including Capricorn Metals
(ASX:CMM) earlier in the week.
Regis reported gold production of 94,500 ounces for the three-month period, down from 111,400 ounces delivered in the year-ago quarter.
Regis said that, despite the dip, it was sticking with full-year production guidance between 350,000 and 380,000 ounces. Full-year output in 2023-24 was 417,700 ounces.
Regis said its Duketon mine in WA produced 57,500 ounces in the quarter, while the Tropicana mine output rose to 37,000 ounces, which it said was a significant improvement from weather-impacted prior quarters.
Regis reported a $186 million loss for 2023-24 after writing down the carrying value of its under-development McPhillamys mine in NSW after an environmental protection declaration by the federal government.
That and the lower production didn’t stop the company from building its cash holdings by $85m in the quarter to $380m.
The company’s full quarterly report will be out around October 24.
