Besra Exceeds its Gold Output 2013 Goal


(Miningweekly) – On Tuesday ASX and TSX listed gold miner Besra said a record-breaking fourth quarter has aided to highest of its production direction of 60,000 oz. of gold for the 2013 financial year that concluded on June 30.

Besra reported numerous daily records were established through the fourth quarter at the company’s Phuoc Son and Bong Mieu gold mines, in Vietnam, as well as daily mill amount and metal mined at both sites. Overall production for this period was 18,481 oz.

CEO John Seton said “following a record-breaking quarter, we are very pleased to be in a position to announce that for the year ended 30 June, gold production totaled 60,187 oz. which marks the highest-ever annual production for Besra and meets our market guidance of 60,000 oz.,”.

Besra said it would announce more detailed information at the end of the year, figures had been established later in the month.

On Friday, the company said it was debating two tax claims by the Vietnam General Department of Customs (GDC) in contradiction of its subsidiaries Bong Mieu Gold Mining Company (BMGMC) and Phuoc Son Gold Company (PSGC). It also added that the GDC had made a valuation that BMGMC and PSGC ought to pay a total of 250-billion Vietnamese Dong, (around $12-million), in export duties.

Gold in Vietnam exported at 99.99% doesn’t interest any export duty. GDC is claiming that through 2011 and 2012, numerous shipments didn’t meet 99.99% and, thus, questioned a 10% tax.

Besra said it “strongly” in doubt of this assessment, as each shipment in question was distinguished in Vietnam to 99.99% by ACB Gold Centre and certified as 99.99% by the official government testing center, Testing Centre 3 and Quality Assurance.