With 139,012 gold equivalent ounces brought to the surface, Archipelago Resources (AR.) met its guidance for first full-year of production at its Toka Tindung gold mine in Indonesia and shareholders got a maiden dividend plus a one-off payment, totalling 2.25p a share.
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Archipelago more than doubled revenues to $102m (£68m), while industry-low net cash costs of $635-an-ounce underpinned a 170 per cent rise in operating profits to $83.8m. Strong cash-generation enabled the company to pare back year-end net debt to just 5 per cent, from 30 per cent at the end of 2011. Guidance for 2013 is similar to 2012 - 140,000-155,000 ounces of gold equivalent with cash costs at $620-$680 an ounce.
