Tuesday, 24th October 2006 (2255 views)

Oxiana, an Australian precious metals miner, is anticipating a bumper profit from good production levels in Australia and Laos.

The Sepon mine in Laos was of outstanding quality and provided over 51,000 ounces in the third quarter of this year. This is 30 per cent higher than the amounts reaped in the second quarter of 2006.

Higher grades of gold were also produced.

The company has now forecasted an output of 170,000 ounces of gold in total for 2006 from Sepon. Around 60,000 tonnes of copper with also be produced.

Excitement mounts for the results of Oxiana's recent exploration at Golden Grove.

Mr Hegarty, the firm's managing director, called it "a wonderful discovery over there at Golden Grove, one of the discoveries we believe of the decade".

He also dismissed pressure to make a major acquisition: "We have grown exponentially over the past several years and we want to continue to do that, and we won't impair it by making what's perceived to be a non-value adding acquisition."

This month Oxiana was awarded the Miner of the Year at the Excellence in Mining and Exploration Awards Dinner, held in Sydney.

 

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