Silver Lake Resources: Result 2013

As expected, Silver Lake's full-year result was awful, with asset writedowns, higher costs and falling grades.

Silver Lake Resources has fulfilled expectations of a poor full-year result. Although production rose 82% to 150,000 ounces of gold for the year, the miner faced a litany of problems that crunched underlying earnings. Compared to a net profit of $31m last year, Silver Lake reported a net loss of $319m.

That includes a previously flagged asset writedown of $321m, a result of rapidly falling gold prices, but there were other problems. Low grades at the Mt Monger mine have been a key concern.

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