ALTYN PLC: Third quarter productions results and financial update
08 December 2020 - 6:00PM
UK Regulatory
TIDMALTN
Altyn plc ("Altyn" or the "Company"), is pleased to announce its
third quarter production results.
Highlights:
-- The company has been granted a supplementary credit line of KZT 3bn (USD
7m) from Kazakh Bank JSC "Bank Center Credit" (BCC). The loan is
repayable in instalments over a term of five years and bears an interest
rate of 6%. The loan will be used to increase processing plant output in
line with the company's plans.
-- Revenues increased significantly, up 38% quarter on quarter (qoq) driven
by higher gold prices and the claw back of accruals relating to timing
differences of the sale of production to the refinery from the previous
quarter.
-- Average grade increased by 3.3% qoq. The Company expects further
improvement in grades over the coming quarters given the ongoing mining
and reserves uncovering works.
-- Delivery of a JSB crawler excavator with a bucket capacity of 1.8 cu. m,
equipped with a buoyancy machine. The equipment will be used for loading
ore on portals 1 and 2 and crushing oversized ore.
-- Regarding the COVID-19 situation, the Company has put additional measures
in place to ensure the health and safety of its personnel. There
continues to be minimal impact on the production operations of the
Company, however management will continue to closely monitor the
situation while cooperating with the relevant authorities.
3Q20 2Q20 1Q20
Ore mined tons 134,715 143,400 92,324
Contained gold ounces 6,794 6,930 4,376
Ore milled tons 92,567 94,057 92,909
Average gold grade gr/tone 1.55 1.50 1.49
Gold poured ounces 3,492 3,610 3,380
Revenue USD m 6.31 4.58 4.58
For further information please contact:
Altyn plc
Rajinder Basra, CFO +44 (0) 207 932 2456
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
Information on the Company Information on the Company
Altyn Plc (LSE:ALTN) is an exploration and development company,
which is listed on the main segment of the London Stock Exchange.
To read more about Altyn Plc please visit our website
www.altyn.uk
View source version on businesswire.com:
https://www.businesswire.com/news/home/20201207005789/en/
CONTACT:
Altyn Plc
SOURCE: Altyn Plc
Copyright Business Wire 2020
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