Financial highlights
Revenue of $282.0 million (H1 2013: $308.6 million)
Adjusted EBITDA of $94.3 million (H1 2013: $90.4 million)
Profit before net finance income, FX and tax of $25.7 million (H1 2013: $1.2 million)
Profit before tax of $9.1 million (H1 2013: $(10.3 million))
EPS of $(0.01) (H1 2013: $(0.10))
Cashflow optimisation programme exceeding expectations - approx. $270 million of savings achieved:
o Production costs reduced by $94 million versus initial 2013 guidance
o Administration costs reduced by $34 million versus 2012
o Sustaining capital expenditure reduced by $67 million versus initial 2013 guidance
o Exploration costs reduced by $53 million versus initial 2013 guidance
Main operation all-in sustaining costs lowered by 16% to $16.8 per ounce (H1 2013: $19.9)
Cash balance of $225.6 million as at 30 June 2014
Term sheet signed for $100 million medium term credit facility
Operational highlights
H1 2014 attributable production of 11.9 million silver equivalent ounces
Progress continues at flagship Inmaculada project:
o 68% overall project completion; plant at 33%
o Mine development, infrastructure, energy and engineering targets almost complete
Outlook
Inmaculada plant set to commence commissioning at end of 2014
2014 production target of 21.0 million attributable silver equivalent ounces on track
0-5% reduction in all-in sustaining costs expected for 2014 vs. 2013
