25th Jun 2015 09:10
LONDON (Alliance News) - Xtract Resources PLC on Thursday said it is making good progress on meeting targets for the Chepica gold and copper mine in Chile.
Xtract said the mine has reached its target of hitting profitability ahead of schedule and is on track to achieve a 60% profit margin by the end of the third quarter of this year.
The company expects the mine to start generating a monthly profit of USD500,000 by the end of August and also expects quarterly revenue from the mine from the third quarter on to be well above its earlier estimate of USD1.2 million.
"We are absolutely delighted with the excellent progress made at Chepica over the past few months and that we are on track to exceed forecasted revenue and profit for Q3 2015, as we committed to investors as part of our fundraising," said Xtract Chief Executive Jan Nelson.
Shares in Xtract were up 8.1% to 0.368 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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