Petaquilla's Molejón mine ups net income 15% in 9-month fiscal

Vancouver-based Petaquilla Minerals' (TSX: PTQ) Molejón gold operation in Panama reported US$21.1mn of net income during the first nine months of fiscal 2013 ended February 28. The figure represents a 15% increase from US$18.4mn of net income reported in the first nine months of fiscal 2012, Petaquilla said in a results report (in English). Nine-month fiscal 2013 revenue totaled US$82.9mn, up 18% from US$70.3mn in the year-ago fiscal period. Cash costs fell 6% to US$528/oz from US$562/oz, while Petaquilla's averaged realize gold price rose 1% to US$1,656/oz from US$1,647/oz. In the same comparison production rose 11% to 56,000oz from 50,000oz, while gold stockpiles increased 41% to 120,000oz from 85,000oz, the report said. In fiscal 3Q13, ended February 28, net income totaled US$15.8mn, up 251% compared to US$4.5mn in fiscal 3Q12. Revenue rose 46% to US$27.5mn from US$18.8mn, cash costs increased 3% to US$637/oz from US$616/oz and Petaquilla's averaged realized gold price grew 2% to US$1,647/oz from US$1,622/oz. Fiscal 3Q13 gold production totaled 18,000oz, up 29% from 14,000oz in fiscal 3Q12. However, Molejón expansion works caused fiscal 3Q13 gold production to decline 12% in comparison to fiscal 2Q13, Petaquilla said. During fiscal 3Q13 the firm reached a commercial agreement with compatriot miner Inmet Mining (TSX: IMN) worth up to US$150mn and regarding land use in Panama's Donoso district. The firm forecast fiscal 2013 production at 75,000-80,000oz gold equivalent (up 10% from fiscal 2012). Petaquilla forecast fiscal 2014 production at 90,000-100,000oz gold equivalent, with help from Molejon's commercial heap leaching project (expected to be commissioned in the same fiscal year).