Bendigo Mining Limited (ASX: BDG) is an Australian gold producer which owns and operates two producing underground gold mines in Australia; the Kangaroo Flat Mine in Bendigo, Victoria and the Henty Gold Mine on the West Coast of Tasmania.The Kangaroo Flat Mine is located in the Bendigo Goldfield, which has historically produced some 22 million ounces of gold over a century of mining.
Bendigo Mining (ASX: BDG) has reported gold production of 79,827 ounces in the 2010 financial year, a 116% increase on 2009 production, reflecting the acquisition of the Henty gold mine on Tasmania's West Coast last year.
Production in the June quarter was up 10% to 19,463 ounces and the company has cash in bank of $57.2 million.
Rod Hanson, managing director and CEO, said "the $3.8 million investment in mining equipment at the Henty Gold Mine has begun to deliver improved mining rates. Production at the Kangaroo Flat Mine was strong with production up 16% on the March quarter, with increased grade from the Gill and Dumble reefs."
“The closing cash balance of $57.2 million is after the investment to acquire and maintain a 20% interest in the AIM-listed West African gold explorer GoldStone Resources (GRL: LN). The strong balance sheet will support the continued growth of the company through exploration, development and acquisition” said Hanson.
The company is currently finalising month end data and plans to release a full commentary on company performance in its June Quarterly Report on 21 June 2010.