12th Nov 2019 11:56
(Alliance News) - Xtract Resources PLC on Tuesday said alluvial production declined by a 8.7% in the third quarter of 2019, but revenue rose.
The metals and minerals producer reported total alluvial mining contractor gold production of 30.92 kilograms for the quarter to the end of September, equivalent to 994 ounces, with 14.96 kilograms produced post-period end in October, worth USD699,000.
In the quarter to June 30, the company produced 33.85 kilograms of gold, equivalent to 1,088 ounces.
Xtract share of revenue from gold sales increased, however, totalling USD467,683 for the third quarter compared to USD321,784 in the second quarter.
"The alluvials have provided positive cash flow on a monthly basis despite there being volatility in the gold yield, excess overburden removal or a combination of the two," said Executive Chair Colin Bird.
"At the same time, we have generally been quite cost efficient with matters under our control, which has assisted to maintain profitability during difficult operational periods," Bird added.
Xtract shares were trading 2.2% lower on Tuesday in London at 1.00 pence each.
By Evelina Grecenko; [email protected]
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