LONDON (Alliance News) - Tengri Resources Tuesday said it made a pretax profit in 2014, having reported a loss the prior year, as it continues to make progress with its projects in the Kyrgyz Republic.
The mining exploration and development company said it made a pretax profit of USD23 million in 2014, after suffering a USD3.3 million loss in 2013.
Tengri said it achieved a number of key milestones in the year which put it in a strong position to progress the development of its project portfolio. It completed its drilling programme at the Taldybulak gold and copper project in the Kyrgyz Republic and said it is on track and on budget with the Phase 1 feasibility study as well as the scoping study for Phase 2.
"While some global equity markets appear to have begun to recover, those seeking to explore and develop mining projects still face considerable pressures in terms of pricing and attracting investment. Adverse market conditions are of course beyond the company's control, but it's not an excuse to idle, so Tengri continues to advance Taldybulak's development," Chairman Gary Lewis said in a statement.
Tengri added that its Andash project continues to make headway and that it is examining the potential for Andash to feed into Phase 2 of the Taldybulak development, operating as a satellite mine. It said that this might provide operational synergies while lessening site impact by reducing the need for a processing plant at Andash.
"Andash remains a bright hope for the company; engagement is ongoing with local communities and government. We are focused on building strong and sustainable relationships with the local stakeholders in the hopes of developing Andash in a manner that is beneficial to all parties involved," Lewis said.
"The 2015 drilling programme is now well and truly underway, this programme will focus on improvement of the existing resource and definition on additional resource ounces. The drilling will also provide critical geotechnical information, which will be used in the scoping and feasibility studies. We expect to be able to share results of the first stages of this programme in the coming months," he added.
Shares in Tengri were untraded on Tuesday, last quoted at 3.50 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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