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AltynGold PLC - London-based gold mining company with assets in Kazakhstan - On Monday says revenue up 22% to $17.6 million in the second quarter of 2022 from $14.4 million in the first quarter, on increased gold production and higher average selling price. Says mined ore production increases 6.3% to 142,937 tonnes from 134,461 tonnes a quarter ago, while milled ore production is up 2.5% to 155,168 tonnes from 151,431 tonnes.
Chief Executive Officer Aidar Assaubayev comments: ‘AltynGold is on track for another strong year. Production and grades are trending higher supporting increased revenues. The ensuing cash flows and the recently approved bank loan will provide the financing for the capacity expansion which will move the business to the next level.’
AltynGold adds that contained gold has risen 7.6% quarter-on-quarter to 9,510 ounces on higher grades which improved to 2.09 gold per tonne of ore from 2.03 grams per tonne.
Current stock price: 108.00 pence
12-month change: down 14%
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