The Company is also pleased to declare an interim dividend of 5.5 pence per ordinary share (H1 2015: 4.5 pence), which equates to
26% of gross revenue for the period.
• H1 2016 copper production of 6,908 tonnes, an increase of 27% vs. H1 2015 (5,444 tonnes)
• H1 2016 copper sales of 6,355 tonnes, an increase of 24% vs. H1 2015 (5,120 tonnes)
• No Lost Time Injuries ("LTIs") in the period and LTI free hours now exceed one million man hours
• Average SX-EW plant availability of over 98%
• Stage 2 Expansion, on schedule and approximately 25% under budget
Financial Highlights
• H1 2016 gross revenue of $30.9 million (H1 2015: $30.3 million)
• Average copper price received of $4,903 per tonne (H1 2015: $5,936 per tonne)
• Continued focus on maintaining low costs of production:
- C1 cash costs of production down 40% vs. H1 2015 to $0.40 per pound (H1 2015: $0.67 per pound)
- Fully absorbed unit costs down 48% vs. H1 2015 to $0.97 per pound (H1 2015: $1.87 per pound)
• H1 2016 EBITDA of $17.4 million (H1 2015: $16.0 million) and a margin of 56% (H1 2015: 53%)
• H1 profit before tax up 49% vs. H1 2015 to $15.0 million (H1 2015: $10.1 million)
• 2016 interim dividend of 5.5 pence per ordinary share to be paid on 28 October 2016 (H1 2015: 4.5 pence)
• Group cash balance of $30.2 million as at 30 June 2016 (31 December 2015: $42.0 million), with no debt
