Normandy NFM full year earnings up sharply

NORMANDY Mining subsidiary Normandy NFM Ltd has reported a 24% increase in net earnings for the financial year ended June 30, despite a sharp drop in profitability in the final quarter.

Gold production rose to 416,706 ounces, up 28%, at a net (after hedge fees) average realised price of $544/oz. The average spot price for the 12 months was $501/oz.