Business
Interim report
Interim report.
About this update from Altyngold Plc
[{"type":"text","content":"\n \nRNS Number : 5037P Altyn PLC 31 August 2017 \n\nALTYN PLC\nInterim report - six months to 30 June 2017\n \n \n \n \nAltyn Plc (\"Altyn\" or the \"Company\"), the gold mining and development company, announces its unaudited results for the six months to 30 June 2017.\n \nHighlights:\n \nMine development \n \n· Ore extracted from the underground mine increased in line with projections to 30,000 tonnes a month. A further ramp-up to achieve the target of 40,000 tonnes - 45,000 tonnes a month requires further capital investment in underground mining plant and equipment, such as dump trucks, load-haul dumpers and drilling equipment.\n \n· The current level of production was achieved with the following equipment becoming operational in April and May 2017. The LHD Fambition (load-haul-dumper used to fill the underground trucks with ore), and a prospect drilling machine, CSK Sondaj - C400 (used to define and contour the ore bodies to target and extract the higher-grade ores).\n \n· The Company continued the development of the underground mine, developing 160 metres of the transport decline number 2 to 185 Masl.\n· Exploration work at the Karasuyskoye area was continued. In the first half of the year, extensive exploration work was carried out at three sites within the contract licence area, the results are currently being analysed.\n \nProduction\n \n· Gold recovery is averaging 81-82 per cent, in line with expectations. In H2 2017 new equipment for gravity concentration, which is expected to be operational in H2 2017 will increase gold recoveries further.\n \n· H1 2017 gold production from Sekisovskoye was 7,327 ounces, a two-fold growth compared with H1 2016: 3,694 ounces. \n \n· The actual production was affected by planned maintenance at the processing plant, this operationally closed the plant for three weeks in June 2017. No further closures or maintenance works are planned in the near future.\n \nFinancial\n \n· The turnover has increased to US$9.4 million (H1 2016 US$6.8 million), an increase of 35 per cent. The gold price has been averaging US$1,240 ounces during the period (Year 2016 US$1,250). Signs are that the gold price is on an upward trend.\n \n· The Company achieved a small operating loss of US$109,000 (H1 2016 Loss - U...