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(Alliance News) - Altyn PLC said on Monday it has made significant progress buying equipment following recent debt funding.
London-based Altyn at the start of December said it planned to raise USD10 million via a bond issue to fund capital expenditure work.
Since then, it has purchased a number of items such as trucks and drilling rigs for the gold mine at Sekisovskoye in eastern Kazakhstan.
In February, Altyn excavated 29,000 tonnes of ore, which is nearly treble the figure achieved in January, it said. Production will further increase in May when new equipment arrives, and Altyn is targeting 45,000 tonnes a month by the fourth quarter of 2020.
Shares ended 16% lower on Monday in London at a price of 0.59 pence each.
By George Collard; georgecollard@alliancenews.com
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