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Tuesday, 31st March 2009 (723 views)

Canadian mining company MDN has announced record financial results for 2008.

Having sustained losses of $11.4 million in 2007, the firm revealed that net earnings reached $22.1 million last year.

President and chief executive officer Paul-A Girard noted that project debt and royalties were repaid in 34 months as a result, having originally been scheduled to take 54 months.

"The strategic decision to accelerate debt repayment allowed the company to position itself very favourably in the current business environment," he said, adding that 2008 was "certainly the most financially rewarding" in MDN's history.

Over the course of the year, the Tulawaka gold mine in Tanzania - in which the firm has a 30 per cent stake - produced more than 211,000 ounces.

Mr Girard observed that this marked an increase of 18 per cent on 2007's record levels.

Last week, the Toronto Stock Exchange accepted MDN's notice of intention to make a normal course issuer bid, allowing MDN to purchase up to 7.5 million common shares.

 

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