Business
Final Results
Final Results.
About this update from Aterian Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0795J\n Eastinco Mining and Exploration PLC\n 18 August 2021\n \n \n \n \n EASTINCO MINING AND EXPLORATION PLC\n \n \n \n \n \n (\"EME\" or the \"Company\")\n \n \n \n \n \n FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020\n \n \n Eastinco Mining and Exploration plc (AQSE: EM.P) announces its full year results for the 2020. \n \n \n \n \n \n Chairman's Statement\n \n \n \n \n \n 2020 was a year of investment, development and COVID-related operational delays for Eastinco Mining and Exploration Plc (\"EME\" or \"Eastinco\") specifically at our Musasa mine site which is operated by our Rwandan registered, 100% owned subsidiary company, Eastinco Limited (\"EME Ltd\").\n \n \n \n \n \n It has been an extremely challenging year for EME and everyone globally, as we live and operate in unprecedented times. Our priority and responsibility have, and will continue to be ensuring the safety and well-being of our on-site team; and so we closely follow the national and local authority health guidelines as mandated by government authorities.\n \n \n \n \n \n Amidst the various lockdowns and restrictions which have slowed our development at the Musasa mine, we nevertheless believe that a significant milestone was achieved with the completion of the wash plant assembly in Q4 2020.\n \n \n \n \n \n Importantly, we significantly improved our operational and acquisitional capability with the addition of Mr. Simon Rollason as the Chief Executive Officer from the 2nd November 2020. Mr. Rollason made significant contributions to the Company's progress with both the Musasa and Huye sites in Rwanda and we look forward to his contribution as we develop and progress on our corporate strategy.\n \n \n Financial Review\n \n \n \n \n \n During the period under review the Group made a loss before taxation of £466,687 (2019: loss £846,320 as restated).\n \n \n \n \n \n In June (and November 2020) we announced to shareholders that Eastinco had received approximately £997,000 of consideration in the form of cash and services with approximately £767,000 in cash. Additionally, we announced the suspension of cash salary payments to EME and EME Ltd management teams to preserve cash. These efforts have served the company and its viability well as Covid related restrictions...