The West

Independence Group reports $4.1m profit
Independence Group reports $4.1m profit

Multi-commodity miner Independence Group has reported a net profit of $4.1 million for the June quarter after an "abnormal exploration asset" impairment of $17 million.

Ahead of its full-year results, the miner announced an unaudited net profit after tax of $46.2 million for the financial year.

Releasing its quarterly report this morning, the company said gold production at its Tropicana joint venture, of which it owns 30 per cent with AngloGold Ashanti taking the other 70 per cent, was 132,844oz.

Independence's share equated to 39,853oz, with reported cash costs of $521/oz.

The production levels were up from the March quarter where it poured 120,579oz, however the increased production did not lead to higher profit, with the company falling well short of its $20.6 million profit for the March quarter.

As at June 30, the company said it had $57 million cash after $21.4 million of debt was repaid in the June quarter.

It said all cash costs quoted include royalties and net of by-product credits unless otherwise stated.

The West Australian

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