Higher gold prices, in combination with more ounces produced, led to an 18% revenue increase to $267 million for the first half of 2012 versus $226 million in the same period a year ago. Combined cash operating cost declined slightly in the first half of 2012 to $1,015 per ounce. However, these costs included the effects of the oxide mill startup that skewed our Bogoso cost to the high side.
Cash flow before working capital changes was about $0.21 per share in the first half. Golden Star generated $54 million in cash flow through the first six months of 2012, a positive swing of nearly $37 million over the same period last year.
Now to give you some color on how our operations are generating improved financial results, I’m going to hand it over to Sam Coetzer, our Chief Operating Officer
Sam CoetzerThanks, Tom. Good morning, everybody. As a start, I should say I’m happy to comment that Golden Star operations continued to move in the right direction. On a sequential quarter basis, second quarter gold production was up 20%, and 10% and 20% respectively over the previous two quarters. I believe the key drivers in our recent success have been the successful startup of a new business line in the form of Bogoso oxide mill, the implementation of effective weather mitigation initiatives, utilizing synergies now available between our various operations and functions, and also enhancing our forward planning function in the corporation.Read the rest of this transcript for free on seekingalpha.com
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