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AltynGold PLC - London-based gold mining company with assets in Kazakhstan - Posts surge in profit in 2021. Pretax profit jumps to USD18.3 million from USD3.3 million in 2020. Revenue surges to USD50.3 million from USD30.0 million.
"Trading with Russia has been reviewed and alternative sources put in place for the small value of consumables purchased from Russia. There is no reliance on Russian companies in terms of the supply of capital equipment, parts or financing. All sales will continue under the current off take agreement with all sales made in Kazakhstan in USD," firm says.
Profitability will be positively impacted by a possible devaluation of Kazakhstan's Tenge, as company trades in USD, and rising gold prices. Cites gold price at currently USD1,950 per ounce versus average of USD1,803 in 2021. In 2020, gold price was USD1,816 per ounce AltynGold adds.
Chair Kanat Assaubayev says: "Given the backdrop of the Covid-19 pandemic, 2021 was pencilled in by many companies to potentially be a difficult trading year. Indeed for some sectors this has been the case, in relation to AltynGold, due to the careful management of its resources and deployment of its fundraising into new equipment and infrastructure improvements, the company has been able to generate a significant uplift in its revenue and profits. The primary driver to the increase in revenues in the current year has been the increase in production and grades achieved."
Current stock price: 114.00 pence, up 4.2% on Monday
12-month change: down 14%
By Tom Budszus; tombudszus@alliancenews.com
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