31st Jan 2022 11:54
(Alliance News) - AltynGold PLC on Monday said it made record revenue in its fourth quarter with the company crediting an efficient and low-cost production base for the increase.
Shares in AltynGold were up 6.9% at 124.00 pence on Monday in London.
The London-based gold mining company with assets in Kazakhstan said revenue increased 13% to USD14.4 million from USD12.8 million in the previous quarter. AltynGold said this was mainly driven by operational improvements and stable average gold price dynamic in the final quarter of 2021.
Fourth-quarter annualized production run rate reached 618,000 tonnes of ore per year. Average grade was 2.02 grams per tonne of ore, down from 2.07 grams in the third quarter. AltynGold said it is on track to achieve a grade of 2.2 grams per tonne over the coming quarters.
AltynGold added that it had no interruptions on its production operations due to Covid-19 or any other negative effect during the quarter.
By Heather Rydings; [email protected]
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