Wednesday, 29th August 2007 (2099 views)

The performance of the Challenger Gold Mine helped enable Dominion Mining to post record net profits for the year.

According to the company, annual profits stood at AUS$51.7 million (£21 million) for the year ending June 2007, a 475 per cent increase on the June 2006 figure of AUS$8.9 million.

Managing director Peter Alexander labelled the results as an "important milestone" for Dominion Mining.

"This excellent operational result, together with our strong balance sheet, provides a tremendous platform for Dominion to continue its solid growth path into the future," Mr Alexander said.

He added that the figures represented one of the "strongest full-year financial performances" in the company's history and said that the outlook for future achievement is "very positive".

The Challenger site was discovered by Dominion in May 1995, according to the firm's website, with open-pit mining commencing on the virgin gold discovery in 2002 after a buy-out of the 50 per cent interest held by Dominion's former partner Resolute.

 

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