14th Mar 2019 11:22
LONDON (Alliance News) - Shefa Yamim ATM Ltd on Thursday said it plans to bringing the Kishon mid-reach project, located in Northern Israel, into production as it swung to profit in 2018.
The precious stones exploration company swung to a pretax profit of ILS6.0 million, about GBP1.3 million, in 2018 compared to a loss of ILS16.3 million a year earlier. The sharp improvement in profit performance was primarily driven by a fair value adjustment of a financial liability during the year.
Shefa Yamim said it is not expected to generate revenue at this stage of its development.
During the year, the company produced 9,778.15 carats of gemstones from 6,384 tonnes of gravel.
Shefa Yamim also said it has made an "excellent" progress in both its exploration activity and its mine to market strategy, most notably with the completion of the technical economic evaluation report and the launch of the company's first and exclusive jewellery collection, created by designer Yossi Harari.
In July last year, Shefa Yamim appointed Paradigm Project Management to conduct an independent technical economic evaluation for the first mine of the Kishon mid-reach zone 1. The report was completed in February and the company said it now intends to bring the Kishon mid-reach project into production.
"It has been a year of excellent progress for Shefa Yamim which has seen the company reach several key milestones," said Chief Executive Avi Taub.
"Looking ahead, it has been an excellent start to 2019 most notably with the completion of the technical economic evaluation report, which provides a base case for the development of the Kishon mid-reach zone 1 project," added Taub.
Shefa Yamim shares were trading 2.6% higher on Thursday at 59.00 pence each.
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