Gold and Resource positive on 2001

The company has reported a jump in revenue from A$72 million in 1999 to A$150 million last year. Earnings before interest and tax rose 44% to A$26.8 million.

Company Chairman, Brettney Fogarty, says 2000 was an important year for the company.

"We delivered good revenue and earnings growth while adding significant new development opportunities to our existing gold, resource solutions and construction businesses."

During the fourth quarter of 2000 GDR expanded its business into providing solutions for residential solid waste through its Global Renewables subsidiary, which Mr Fogarty says will be a major driver for the company in 2001.

He says this will be supported by the ongoing profitable growth of the company's resource development arm, Minproc, and significant broadening of its Kirfield construction business.

The company says gold sales from the Macraes gold project in Otago in 2000 reached a record 173,247 ounces at record low cash costs of $289 per ounce.

The Definitive Feasibility Study for the Reefton gold project was completed in December and statutory consents are expected to be resolved in the first quarter this year. The cost of the development is around A$30 million.

Once up and running the Reefton project will produce a gold-rich sulphide flotation concentrate which will be trans-shipped to Macraes for processing through the pressure acid leach circuit to bullion.

Gold and Resource Development is picking a further 30% increase in revenue to over A$200 million in 2001, with earnings before tax and interest at A$30 million.

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