6th Sep 2021 11:47
(Alliance News) - AltynGold PLC on Monday reported increased earnings in the first half of 2021, as investments in equipment and infrastructure boosted production for the gold and silver miner in Kazakhstan.
Revenue doubled year-on-year to USD23.0 million from USD11.5 million. The company swung to a pretax profit of USD9.3 million from a loss of USD1.2 million.
Production increased to 266,607 tons of ore from 235,724 tons. Grades improved to 1.85 grams of gold per ton from 1.49 g/t, and 1.80 grams of silver per ton from 1.10 g/t.
Shares were up 17% to 145.00 pence in London on Monday morning.
"The financing raised in 2020 has been utilised to buy new underground mining equipment and improve the infrastructure at the mine. The resultant increase in production and improving grade as the orebody is being mined more efficiently is now translating into increased turnover and profitability," the company said.
Chief Executive Aidar Assaubayev said: "The capital expenditure has boosted production and revenues and the full year results look promising."
By Ivan Edwards; [email protected]
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