Mineral Resources and Reserves - The total mineral resource estimate as of December 31, 2019, is 14,000 kilotonnes at a grade of 3.2 g/t gold, equivalent to 1,500 thousand ounces of gold, representing a 3% increase in tonnes and ounces compared to December 31, 2018[12]. - The total ore reserve as of December 31, 2019, is confirmed at 3,400 kilotonnes at a grade of 2.9 g/t gold, equivalent to 310 thousand ounces of gold, showing a 30% increase in tonnes and a 33% increase in ounces compared to December 31, 2018[12]. - The Fäboliden ore reserve increase is primarily due to significant estimates that extend the planned open-pit mining duration to approximately eight years[13]. - The company aims to enhance its resource estimation accuracy, reflecting relative uncertainty in the reported figures[23]. - The total estimated mineral resources are rounded to two significant figures to account for estimation uncertainties[24]. - The total estimated ore reserves across all production centers amount to 3,000 thousand ounces[32]. - The company confirmed that there are no new data that would significantly impact the previously reported mineral resource estimates[36]. Production and Operations - The trial mining at Fäboliden has processed 60,393 tonnes of ore, with operational issues resolved, and full-scale mining is expected to commence by the end of the year[8]. - The company has commenced mining operations at the new Kaapelinkulma mine, with satisfactory progress reported[8]. - The total production at the Vammala production center reached 1,600 thousand tons, with an average gold grade of 3.8 grams per ton[19]. - The Svartliden production center reported a total production of 4,800 thousand tons, with an average gold grade of 2.9 grams per ton[19]. - Total gold production from the company reached 3,400 thousand ounces, with an average grade of 2.9 grams per ton[32]. - The Vammala processing plant produced a total of 362,157 ounces of gold concentrate in 2019, an increase of 4.2% compared to 336,219 ounces in 2018[54]. - The average gold grade processed at the Vammala plant was 3.1 grams per ton in 2019, up from 2.9 grams per ton in 2018[54]. - The total mining volume at the Jokisivu mine was 256,706 tons with an average gold grade of 2.9 grams per ton in 2019, compared to 264,679 tons and 2.8 grams per ton in 2018[58]. - The Kaapelinkulma open-pit mine commenced production in April 2019, with a total mining volume of 28,499 tons and a gold grade of 3.0 grams per ton[62]. - The Orivesi mine produced 29,547 tons of ore with a gold grade of 4.6 grams per ton in 2019, down from 37,140 tons and 3.9 grams per ton in 2018[64]. Financial Performance - The company reported a net profit of AUD 6.3 million for the year ended December 31, 2019, compared to a net loss of AUD 9.5 million in 2018[98]. - The average gold price increased to USD 1,403 per ounce in 2019, up from USD 1,267 per ounce in 2018, contributing to improved profitability[99]. - The group sold 25,958 ounces of gold in 2019, generating operating revenue of AUD 53.1 million, a 40.2% increase from AUD 37.9 million in 2018[100]. - Total sales costs slightly increased to AUD 42.2 million in 2019, up from AUD 41.2 million in 2018, including an additional AUD 1.8 million in rehabilitation expenses[101]. - The company achieved a gross profit of AUD 10.9 million in 2019, with a gross margin of 20.5%, compared to a total loss of AUD 3.3 million in 2018[105]. - The unit mining cost in Finland decreased by 10.2% to EUR 44 per ton of ore in 2019, due to increased mining volume and the replacement of higher-cost ore[104]. Environmental and Safety Management - The company has implemented a detailed emergency plan to continue operations and protect employee health amid the ongoing COVID-19 pandemic[8]. - The company is committed to sustainable development and environmental protection throughout all stages of mining projects[81]. - The board is responsible for overseeing the company's environmental, social, and governance strategies and risk management systems[84]. - The company faces ongoing operational risks and has implemented policies to manage and mitigate these risks[85]. - The company is actively working on improving safety performance and compliance with occupational health and safety standards[87]. Exploration and Development - The company is actively exploring areas near the Orivesi mine, which has completed its known ore reserves, and a closure report has been submitted[8]. - The company has initiated comprehensive mining at the Kaapelinkulma gold mine and trial mining at Fäboliden, while preparing for exploration activities around the Orivesi mine[138]. - The exploration program in Sweden included 59 reverse circulation drill holes and 51 diamond core drill holes, totaling 3,210.90 meters at the Fäboliden gold mine[135]. - The company plans to continue underground drilling at Jokisivu in 2020 to further evaluate the Kujankallio and Arpola deposits[146]. Corporate Governance - Independent non-executive director Lin Li was appointed on July 18, 2019, and has a background in business with a major in marketing[190]. - Independent non-executive director Carlisle C. Procter has over 30 years of experience at the Reserve Bank of Australia and has served as a non-executive director for several public companies[191]. - Independent non-executive director Bai Weiqiang has over 25 years of experience in accounting and financial management, serving as a financial director for multiple listed companies[192]. - Independent non-executive director Pan Renwei has over 20 years of experience in auditing and accounting, currently serving as a financial director and company secretary for a listed company[197]. - CFO Daniel Broughton has over 14 years of experience in financial operations within the mining sector and was appointed on September 8, 2014[199]. - Financial and administrative manager Päivi Mikkonen has extensive academic qualifications in accounting, finance, and international business, overseeing administrative and financial functions in the Nordic region[200].
龙资源(01712) - 2019 - 年度财报