LONDON (Alliance News) - Altyn PLC on Friday reported a swing to an interim profit as the gold miner produced more gold at a higher price for less cost.
Pretax profit for the six months to June 30 totalled USD603,000 compared to a USD1.2 million loss reported for the same period the year before, as turnover increased 18% to USD10.9 million from USD9.2 million.
Altyn produced 8,461 ounces of gold from its Sekisovskoye mine in Kazakhstan during the period, compared to 7,327 ounces the year before. Gold was sold at an average price of USD1,323 per ounce, up from USD1,237 per ounce a year earlier.
The total cash cost of production per ounce decreased to USD883 from USD899.
Looking ahead, the company said it is seeking new investors in an attempt to increase production as the company was unable to continue with its previous providers.
Chief Executive Officer Aidar Assaubayev said: "The management are currently in active discussions with banks and other providers in Kazakhstan to raise the necessary funds required to fulfil its project plans."
Assaubayev added: "We are positive the necessary funding can be put in place as required for the project development but want to ensure that it is for the long term benefit of shareholders and on the most favourable terms possible with regards to the cost of financing."
Shares in Altyn closed untraded Friday, last quoted at 0.90 pence each.
Altyngold (ALTN)