- Almonty Industries (AII) boosts its income from mining operations in its unaudited half yearly report
- The company records C$1.74 million (A$1.92 million) in mining income, which follows a loss of C$662,000 in the previous corresponding period
- The gains come after the Almonty lifted its revenue to C$13.3 million during the period but faced higher costs for mining operations of C$10.39 million
- The company increases its cash position, finishing the period with C$1.8 million in cash and cash equivalents
- Shares are trading 5.91 per cent higher today at 98.5 cents each at market close
Almonty Industries (AII) has boosted its income from mining operations in its unaudited half yearly report.
The company recorded C$1.74 million (A$1.92 million) in mining income, which follows a loss of C$662,000 in the previous corresponding period (pcp).
The increase came after Almonty lifted its revenue to C$13.3 million during the period but faced higher costs for mining operations of C$10.39 million.
During the six month period, the company used C$1.11 million in its operating activities, marking an improvement from the C$4.86 million in outflows recorded in the pcp.
It invested C$5.48 million into its mining assets, while financing activities secured it an extra C$7.54 million.
At the end of the half year period, Almonty increased its cash position, finishing the period with C$1.8 million in cash and cash equivalents.
In July, the company secured an additional US$75.1 million (A$107.25 million) project financing loan facility to help develop its Sangdong mine in South Korea.
However, it still flagged the need for additional capital to complete the project’s development.
Shares were trading 5.91 per cent higher today to finish the day at 98.5 cents each.