AltynGold has reported its fourth quarter production results for 2021.
- Revenues increased 12.8% QoQ to US$14.44 million. Growth was mainly driven by operational improvements given stable average gold price dynamic compared to the previous quarter.
- The company maintained positive growth momentum in production with milled ore, mined ore and contained gold production increasing 9.2%, 2.9%, and 2.2% QoQ respectively. 4Q21 annualised production run rate reached 618 kt/year.
- Average grade was 2.02 g/t versus 2.07 g/t in 3Q21 given increased share of developmental ore mined during the quarter. The company is on track to achieve 2.2 g/t grade over the coming quarters.
- The company had no interruptions on its production operations due to COVID-19 or any other negative effect during the quarter. All operational processes continued at a regular pace and the company provided comprehensive assistance in the voluntary vaccination of its employees.
Aidar Assaubayev, CEO of the Company commented:
“We are pleased with our latest set of results. The steady increase in ore milled, ore mined and contained gold production highlight the quality of our Sekisovskoye deposit and confirm progress towards our medium term goal of producing 100 000 oz of gold annually.
“The company posted record revenue of US$14.4 million for the quarter, during which time gold prices were stable. This record was primarily supported by our efficiency and low-cost production base. It’s worth noting that our annual revenue for 2021 is substantially higher than our company’s current market valuation, making us one of the most undervalued gold mining stocks on the London Stock Exchange. With gold prices now on the rise and our improving operational excellence, I am positive that we will deliver even better numbers in the coming year.”
Read the article online at: https://www.globalminingreview.com/mining/01022022/altyngold-reports-4q21-production-results/