Vatukoula gold output picks up

Gold miner Vatukoula said yesterday it remains on course to produce 65,000 ounces of gold in the current year after production picked up sharply. The Fiji-based miner produced 52,157 ounces in the year to August, below expectations at the start of the year after it was forced to change the way it developed the mine. It said the decision to move to high-speed development will result in increased production levels and lower costs. Revenues in the year to August rose by 19 per cent to £47.9m, but the additional mining costs meant a loss of £3.93m against a profit of £3.67m.