Gold producer Norton Gold Fields has achieved earnings before interest, tax, depreciation and amortisation (EBITDA) of $36.6 million for the year to June 30, an increase of $11 million on the previous year, driven by higher gold prices and and production.
The company's open cut Paddington operations located just outside Kalgoorlie currently has a mine life in excess of 10 years and produces about 150,000 ounces per year whilethe development of its Mount Morgan Mine Project in Queensland will add a further 30-35,000 ounces per year.
Although it has received approval from the board, production at Mount Morgan is dependent on finding suitable funding, but once sourced the project could be in production within 12 months.
