Altyn Loss Narrows As It Mulls Options To Push Production Higher
Gold mining and development firm Altyn PLC on Thursday reported a narrowed pretax loss for the first half of 2017, helped by higher revenue, and said it is considering options to push production levels higher.
Altyn reported a pretax loss of USD1.2 million for the half year to end-June, narrowed from a pretax loss of USD2.5 million the year before, on revenue of USD9.2 million, up from USD6.8 million.
Ore extracted from its underground mine in Kazakhstan increased in line with projections to 30,000 tonnes a month, but a further ramp up is needed to reach its targeted investment of 40,000 to 45,000 tonnes, and this requires further capital investment in equipment, Altyn said.
Gold recovery averaged 81 to 82%, Altyn said, in line with its expectations. In the second half new equipment for gravity concentration, expected to be operational in the second half, will increase gold recoveries further.
“The company is now operating on a sound footing with the basic structures in place to move forward. However, to increase production capacity the company will need further equipment in order to push production up to the next step of 40,000-45,000 tonnes of ore processing a month. The company is continuing to look at a number of options to service this need and hope to report back positively in Q4 2017,” said Chief Executive Officer Aidar Assaubayev in a statement.
Shares in Altyn were up 3.5% at 1.5 pence Thursday.