LONDON (Alliance News) - Patagonia Gold PLC Thursday said its pretax loss narrowed in 2014 as costs fell and revenue rose after the company exceeded its full year production target.
The Argentina-focused gold and silver miner reported a pretax loss of USD6.8 million in the year ended December 31, narrower than the USD15.2 million loss it made a year earlier as revenue experienced a significant uplift.
Revenue rose to USD35.9 million from USD10.2 million after the company produced 29,347 ounces of gold, exceeding the company's guidance of 26,900 ounces. The company also benefited from administrative costs falling to USD11.2 million from USD15.0 million and exploration expenditure dropping to USD5.2 million from USD8.3 million.
At the end of 2014, Patagonia had a cash balance USD5.6 million.
"2014 proved to be yet another turbulent year for markets, however Patagonia Gold has continued to achieve corporate and production success due to its growing gold sales from the Lomada heap leach project. This income has enabled the company to remain on-track with its plans to develop its other core gold and silver resources, as well as reduce corporate debt," said Chairman Carlos Miguens.
Patagonia shares were up 0.8% to 2.52 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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