Business
Interim Results
Interim Results.
About this update from Contango Holdings Plc
[{"type":"text","content":"\n \n \n \n \n \n \n Contango Holdings Plc / Index: LSE / Epic: CGO / Sector: Natural Resources\n \n \n \n \n \n 24 February 2023\n \n \n \n Contango Holdings Plc\n \n \n \n \n ('Contango' or the 'Company')\n \n \n \n \n \n \n \n \n \n Unaudited Interim Results for the six months to 30 November 2022\n \n \n \n \n \n \n \n \n Contango Holdings Plc, the London listed natural resource development company, announces its results for the six-month period ended 30 November 2022.\n \n \n \n \n \n \n \n \n Highlights\n \n \n \n ·\n £7.5 million raised (\"Fundraise\") in October 2022 at 6p to support the Lubu Coal Project (\"Lubu\") to first coking coal production from Q1 2023.\n \n \n ·\n £1.0 million Convertible Loan converted at 6p on 5 July 2022 for 16,666,667 ordinary shares\n \n \n ·\n First offtake signed with\n AtoZ Investments (Pty) Ltd to purchase 10,000 tonnes per month of washed coking coal produced at Lubu.\n \n \n ·\n Coking coal and coke tests undertaken through installed 1 tonne per hour test plant confirmed the excellent quality of coal from Lubu further strengthening Contango's position to complete additional offtake agreements.\n \n \n ·\n Expansion of production strategy to include both thermal coal and coke development scenarios to provide additional near-term high value revenues streams.\n \n \n ·\n Contango's operating subsidiary declared the winner of the 2022 Excellence in Community, Empowerment & Social Impact Award recognising its work at Lubu.\n \n \n \n \n \n \n \n \n Post period\n \n \n \n ·\n MOU signed with a leading Multi-National Company for collaboration across coking coal and manufacture of coke at Lubu.\n \n \n ·\n Award of Environmental Impact Assessment certificate for Lubu recognising the highest environmental standards imposed by Contango at the mine.\n \n \n ·\n Delivery of the Lubu wash plant in early February and assembly ahead of commissioning in March 2023 - capacity to produce 20,000 tonnes per month.\n \n \n ·\n Delivery of surface miner (Wirtgen 2200SM) which has a cutting width of 2200mm, ideal for selective mining, and can mine up to 500 tonnes per hour of hard rock and up to 1,000 tonnes per hour of coking coal.\n \n \n ·\n Laboratory delivered to site in February representing the last of the significant capital items ahead of first production ...