1st Feb 2021 11:52
(Alliance News) - AltynGold PLC on Monday reported a "significant" revenue increase due to "uninterrupted production" during its fourth quarter.
London-based AltynGold, formerly known as Altyn, operates the Sekisovskoye gold mine in Kazakhstan.
It said revenue in its fourth quarter nearly doubled to USD12.1 million from USD6.3 million in the third quarter.
Shares in AltynGold were up 31% at 137.50 pence in London on Monday.
Planned maintenance was successfully completed on time during the third quarter, which allowed for uninterrupted production in the fourth quarter. This resulted in the growth of milled ore production increase by 52% quarter-over-quarter to 140,723 tons from 92,576 tons, it added.
AltynGold said gold output in the fourth quarter increased by 88% to 6,547 ounces from 3,492 ounces in the previous quarter, while average grade improved by 10% to 1.70 grams per ton in the fourth quarter from 1.55 grams per ton in the third quarter. AltynGold said it expects further grade improvement in the upcoming quarters.
"Regarding Covid-19, during the quarter, the company did not experience any significant negative effect on its production operations as the infection rate remains stable. As such, all mining and processing activities continued at a regular pace, subject to the restraints of the weather during this period. The management continues to closely monitor the situation and is cooperating with the relevant authorities. The safety of our workforce remains management’s highest priority," AltynGold said.
By Zoe Wickens; [email protected]
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