Business
Half-year Report
Half-year Report.
About this update from Aterian Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7639B\n Eastinco Mining and Exploration PLC\n 12 October 2020\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 INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2020\n \n \n \n \n \n Eastinco Mining and Exploration plc (AQSE: EM.P) announces its interim results for six months ended 30 June 2020. \n \n \n \n \n \n Chairman's statement\n \n \n \n \n \n The start of the year was typical but as the world quickly realised 2020 would turn out to be exceptional.\n \n \n \n \n \n Since the end of the year 2019, Eastinco Mining and Exploration Plc has continued with the development of its mechanised wash plant at the Kuaka mine site. These accounts relate to the Company for the first half of 2020 and reflect a loss of (266,000) primarily from administrative and development costs relating to the Kuaka mine site.\n \n \n \n \n \n With the onset of COVID19 and the resulting shutdown of borders and mining activity in Rwanda progress was dramatically slowed on our key project, the Kuaka mine site. We are so pleased to have such committed and helpful stakeholders: the management teams have committed to forgoing cash compensation; the shareholders have contributed significant amounts of new equity capital; and employees and local partners have all worked to assist the the Company's continued operations and its success.\n \n \n \n \n \n Half-Year 2020 Update\n \n \n \n \n \n On 09 January 2020, the Company announced change of name from Equatorial Mining and Exploration Plc to Eastinco Mining and Exploration Plc and shortly thereafter on 26 February 2020, the Company signed a joint venture agreement with Dynasty Construction Ltd to explore for tin, tungsten and tantalum mineral resources on a 400+ hectare exploration site near Huye, Rwanda through its subsidiary Eastinco Limited. We are excited to begin this joint-venture operation.\n \n \n \n \n \n On the 11 March 2020 the World Health Organisation declared COVID-19 a global pandemic. Rwanda immediately imposed one of Africa's first total shutdowns on 22 March 2020 and suspended mining operations in the country. The country has since lifted strict lockdown measures and our staff have resumed work and will continue to focus on...