The Vatukoula Gold Mine has recorded a profit of $12 million this year however last year company recorded loss of 11.5 million dollars.

In its interim Annual report for 2010 financial year, CEO David Paxton said the first half year had been particularly productive for Vatukoula.

Financial Highlights of the first half year states turnover for the period reached $48.7 million compared to $28 million in 2009.

Gold shipped increased to 24,092 ounces whereas 17,920 ounces were shipped last year.

The CEO added their continuing efforts to increase production at the mine resulted in higher gold production, increased gross margins and 12 million dollars of profit after tax.

The fundraising during the period has enabled the purchase of capital equipment and continue the much needed capital development programme.

He added that they now expect production for the year to be about 50,000 ounces and anticipate reaching their targeted production rate of 100,000 ounces per annum in the first calendar quarter of 2011.

Additionally, Paxton remains fully committed to their exploration programme, which itself could provide further potential upside and they have engaged a minerals consultancy group to develop an exploration programme both within the mining lease, and within exploration leases surrounding the mine.