Beadell slammed on heavy loss

SHARES in Beadell Resources dropped this morning after the company posted a A$100 million-plus full-year loss.

Beadell slammed on heavy loss Beadell slammed on heavy loss Beadell slammed on heavy loss Beadell slammed on heavy loss Beadell slammed on heavy loss

Beadell posted a net loss after tax of $101.1 million for 2017, compared with a profit of $22.3 million in 2016.

Revenue from the Tucano mine in Brazil dropped from $239.8 million in 2016 to $211.1 million, driven by a 12% drop in gold sold to 128,342 ounces at an average price of $1645 an ounce.

All-in sustaining costs for the year were US$1100/oz, a 36% increase on 2016.

Costs of production increased by $46.6 million to $192.6 million due to higher material movement and the start of a second mining contractor.

The company was also impacted by the strengthening of the Brazilian real against the Australian dollar.

Beadell recorded a write-down of $...