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Redback Mining (TSE:RBI) |
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WIKI ANALYSIS| This company has recently been acquired or received a credible acquisition offer. |
Redback Mining is a fast growing gold producer with mining activities in Ghana and Mauretania. The Canada based company is listed on the Toronto Stock Exchange under the Symbol RBI. Red Back is rapidly building a leading African gold producer. Red Back's two key projects are the Chirano Gold Mine in Ghana and the Tasiast Gold Mine in Mauritania. In addition, the Company holds an extensive exploration portfolio both in Ghana and Mauritania.
Since September 2010 Red Back Mining is part of Kinross Gold
Latest Key Figures
From the Q2 2008 quarterly report The Company’s highlights for the second quarter were:
- Total gold production of 64,719 oz (year-to-date, 128,178 oz), in line with forecast for the year.
- Average realized gold price of $900 per oz (year-to-date, $916 per oz) based on 67,089 oz of gold sold in quarter (year-to-date, 125,277 oz).
- Net income of $23.5 million (year-to-date, $43.3 million).
- Average monthly cash flow from operations, before changes in working capital, of $9.3 million (year-to-date, $9.5 million).
- Cash operating costs of $434 per oz (year-to-date, $418 per oz).
- Discovery of high grade mineralization below the Paboase South open pit at Chirano.
- Tasiast moves to “owner-mining” by acquiring the contractor’s mining fleet.
- Ongoing positive results from leaching tests at Tasiast.
In addition, early in the third quarter of 2008, the Company confirmed that, at Chirano, the underground reserves at Akwaaba Deeps increased to 1.04 million oz and open pit reserves have reached 1.38 million oz.
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