AURORA Gold Ltd’s new managing director and CEO Alan Scott predicts the Perth-based company will continue to return strong profit.
Mr Scott last week replaced Ian Burston who retired after more than 30 years in the extractive industries including positions as CEO of Kalgoorlie Consolidated Gold Mines and managing director of Hamersley Iron.
The handover follows a first-half-year result which featured a pre-tax profit of $3 million, cash generation of $15.7 million and a significant resource upgrade at the Morobe Gold Project in Papua New Guinea to more than five million ounces of gold equivalent.
Mr Scott spent 22 years with CRA and Rio Tinto.
“I believe the company can sustain profitability at the Indonesian operations and, in time, achieve enhanced shareholder value through new developments,” Mr Scott said.
“However, we are keenly aware that problems remain and our efforts will need to be redoubled over the coming year if Aurora’s recent excellent financial performance is to continue.”
Aurora posted a $2.385 million net profit for the first half on sales revenue of $54 million, compared with a $15 million net loss for the previous period.
For the past four years, Mr Scott has been vice president and Rio Tinto site representative for the Freeport Joint Venture, reporting to the Rio Tinto Copper Group CEO in London.
