Beadell glitters in sea of red
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Gold miner Beadell Resources (BDR) is a notable standout in the sea of red this morning after management released a pleasing quarterly production update.
While the gold sector on the ASX All Ordinaries is down 1.6% this morning, Beadell jumped over 2%, or 2 cents, to a one week high of 84.5 cents with investors warming to news that it produced 55,094 ounces of gold in the September quarter.
Beadell confirmed that it is on track to produce 120,000 to 130,000 ounces of gold for the six months to end December with cash cost of $US435 to $US485 an ounce (before a 2% royalty).
As mentioned in yesterday’s article, Xmas sale starts early for small caps, cash cost could be up to $US50 an ounce lower if the iron ore extracted from its mines are sold.
Beadell is one of the lowest cost gold producers in the world and is likely to attract corporate interest given that its Brazilian assets are surrounded by global mining houses, such as AngloGold Ashanti.
Beadell is part of the Uncapped 100.
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