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Mandalay Resources Declares First Dividend As Unveils Record Quarterlies

Mandalay Resources (TSE:MND) has declared its first dividend after reporting what it called "excellent" third quarter results.

The gold, silver and antimony miner posted revenues of $48.8 million and EBITDA (earnings before interest, tax, depreciation and amortisation) of $23.4 million in "record" results for the three months to September 30.

Net income came in at $9 million, or 0.03 pence per share.

The figures were achieved as its mines, Cerro Bayo and Costerfield, reached design production and reduced costs.

The board has therefore declared an initial quarterly dividend of C$0.01 per share, payable on December 5 this year to shareholders of record as of November 20 this year.

CEO Brad Mills said: "From a financial perspective, Mandalay performed extremely well in the third quarter, repaying substantially all of our debt and achieving record revenue and EBITDA.

"We are now generating significant amounts of cash flow after all capital and exploration requirements.

"Looking forward to 2013, we currently expect the company's gold equivalent production to increase by between 12%-23%."

The firm expects total gold equivalent production next year to come in at between 112,000 and 123,000 ounces, with total capital expenditure put at $37million.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.