(Alliance News) - Kazakhstan-focused gold miner Altyn PLC said Monday it sank to an interim loss after production fell sharply amid equipment failures, yet production has risen sharply since the start of the second half of the year.
Shares in Altyn were 7.9% higher at 0.56 pence in London on Monday.
For the six months ended June, the gold miner sank to a USD603,000 pretax loss from a USD603,000 profit the year prior. This was after revenue fell to USD7.2 million from USD10.9 million a year before.
Gold production fell to 5,561 ounces from 8,461 ounces the year prior.
This followed equipment breakdowns cutting average output of ore to 13,300 tonnes per month in the first quarter, down from 20,000 tonnes per month the year prior. In July, output rose to 29,000 tonnes after the delivery of new equipment.
Overall ore grade, however, rose to 2.06 grammes per tonne during the half-year from 1.96 grammes the year prior.
"Recovery in production is well on track with a significant pick up in production in July 2019," Altyn Chief Executive Officer Aidar Assaubayev said. "The key to moving ahead to the longer term plan is obtaining the necessary development finance. On this front we are optimistic as talks are progressing well and shareholders will be updated in the third quarter of 2019."
"In tandem with seeking development finance the management has also been working hard on finalising CPR reports for both the Sekisovskoye site and the Teren-Sai site (formerly known as Karasuyskoye), the results of which will be available shortly," Assaubayev added.
Altyngold (ALTN)