(Alliance News) - Altyn PLC on Monday reported a 52% growth in first quarter revenue, driven by increased gold production and higher gold prices, and said that it is seeing a minimal impact on operations from the Covid-19 pandemic.
The Kazakhstan-focused miner recorded USD4.6 million in revenue for the three months to March-end, up from USD3.0 million a year ago.
Production more than doubled year-over-year to 92,324 tonnes of ore mined from 40,171 tonne due to new equipment deliveries. Gold poured increased to 3,380 ounces from 2,547 ounces.
Altyn expects to maintain the positive momentum in production growth over the coming quarters.
Shares in Altyn were up 41% at 1.28 pence each in London on Monday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Altyngold (ALTN)