CGA Mining Limited’s (ASX:CGX, TSX:CGA) full year net profit has slumped in the same period it was impacted by the failure of its SAG mill at its Masbate gold project in the Philippines.
The dual listed gold miner reported a net profit of $US6 million in fiscal 2012, down from $64 million the year before.
However CGA says all expenses relating to the repair of the SAG Mill have been fully expensed in the twelve month period and the loss of profits insurance claim has not been included.
CGA advises that once the SAG Mill was brought back on line it achieved record production of more than 100,000 ounces in the first six months of 2012.
Shares in CGA Mining finished at $2.06 on Friday before the announcement was made.
