24th Feb 2023 11:19
(Alliance News) - Contango Holdings PLC on Friday expects to make ITS first coking coal sales by the end of the first quarter this year.
The natural resource development company with operations in Africa reported a widened loss OF GBP1.8 million for the six months that ended on November 30, from GBP636,398 the year before. The loss attributable to owners of the parent company amounted to GBP1.6 million, compared to GBP591,350.
Chief Executive Officer Carl Esprey said: "We expect Contango to transition into cash flow towards the end of the current quarter with first sales of coking coal."
The company said delivery of the Lubu wash plant in early February and assembly, ahead of commissioning in March, will have the capacity to produce 20,000 tonnes of coal per month.
Looking ahead, Contango said the coming weeks and months are going to be a defining period for the company as it begins to expand its horizons in order to fully realise the "potential of 1 billion tonnes coal resource at Lubu", located in Zimbabwe.
It said it expects to make first coking coal sales by the end of the first quarter this year.
Shares were up 1.6% at 5.69 pence each on Friday morning in London.
By Xindi Wei, Alliance News reporter
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