Gold sales for the group of $1.39 billion, including the attributable share of equity accounted joint ventures, were 3% lower than the previous year, reflecting a 9% decrease in the average gold price received of $1 152/oz, partially offset by a 7% rise in ounces sold to 1 210 844oz.
Total cash cost per ounce for the year decreased by 3% from the previous year to $679/oz as a result of higher production from increased plant throughput and improved recoveries, together with good cost control. Revenue of $1.0 billion, which excludes gold sales from joint ventures, was 8% lower than the prior year, reflecting the lower average gold price received but offset by the higher number of ounces sold by the group’s subsidiaries.
The increase in the share of profits of equity accounted joint ventures to $77.3 million from $75.9 million in the prior year resulted from an increase in profits from Morila, on the back of increased production and lower cost of production, partially offset by a drop in profits from Kibali, which were lower than the previous year due to increased costs and depreciation charges. The share of profits from the Kibali joint venture is stated after a tax charge of $8.0 million (attributable), including deferred tax calculated at 30% of profit, despite the fact that the mine has an accelerated tax allowance which reduces the cash tax paid in the initial years.
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Financial director and chief financial officer