Goldminer doubles up

Regis Resources has more than doubled its full-year profit on boosted gold sales amid higher prices.

Regis Resources has more than doubled its full-year profit on boosted gold sales amid higher prices.

The Perth-based goldminer increased profit after tax for the year to June 30 to $145.73 million, up from $68.24 million in the previous year.

Gold sales more than doubled to 253 ounces, from 107 ounces during the same period. That helped to boost gold sales revenue by $245.8 million to $416.1 million.

The average sale price increased to $1599 an ounce, up from $1574 an ounce.

However, the cash cost of production rose 10 per cent in the full year due to cost increases at the company's Moolart Well operation.

Regis said the development of its Rosemont gold project would be completed in the December quarter.

"Gold production will commence in the December 2013 quarter and is expected to contribute 48,000 to 53,000 ounces of production for the 2014 financial year as the operation is ramped up," the company said in a statement on Tuesday.

Regis declared a maiden dividend of 15ยข per share, fully franked.

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