AltynGold "on track" for full year after quarterly production boost
AltynGold PLC on Tuesday reported increased gold production for its second quarter, and said it is on track to meet market expectations for the full year.
The Kazakhstan-focused gold exploration and development company said ore mined and processed rose 16% to 245,610 tonnes in the second quarter from 212,595 tonnes in the first, and by 1.3% from 242,362 tonnes the year before.
Ore processed rose 12% quarter-on-quarter to 263,700 tonnes from 324,625 tonnes, and 6.4% year-on-year from 247,946 tonnes.
Gold sold increased 14% on-quarter to 13,096 ounces from 11,532 ounces, and decreased by 4.1% from 13,652 ounces.
Total revenue rose 4.6% on-quarter to USD58.9 million from USD56.3 million, and climbed 32% on-year from USD44.7 million.
Describing the period as "a progressive quarter of operations," noting that it operated the Sekisovskoye processing plant at its full 1 million tonnes per annum nameplate capacity.
It added that upon the completion, during the first quarter, of planned mining of the upper horizons of ore bodies 5.5 and 6 to 8, the average mined gold grade rose 8.7% on-quarter to 1.88 grams per tonne from 1.73 g/t, although it decreased 6.5% from 2.01 g/t the prior year.
Looking ahead, AltynGold stated that it remains on track to meet market production guidance of 52,000 ounces to 55,000 ounces of processed contained gold for the full year. For the second quarter, production rose 23% on-quarter to 15,610 ounces from 12,664 ounces.
AltynGold shares were down 1.4% at 1,035.00 pence on Tuesday in London.
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