https://www.engineeringnews.co.za

Altona posts profit reflecting continued production growth

5th March 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Copper miner Altona mining on Wednesday announced a profit before tax of A$12.4-million for the six months ended December 31, reflecting a period of continued production and profit growth at its Finnish operations alongside a strengthening balance sheet.

Altona’s sales for the first half of the 2014 financial year were up 40% year-on-year to A$42.6-million.

The company also reduced its debt to $10-million during the period, gearing down from 22% to 12%.

Copper production for the period under review amounted to 4 822 t, up 31% on that of the prior corresponding period, while gold production increased by 40% to 5 297 oz.

“We are delighted to announce increasing levels of profitability, which was achieved in an environment of weaker metal prices and unaffordable exchange rate movements. Surplus cashflow was invested in the early repayment of debt, mine development and tailings dam construction in Finland and maintaining the Little Eva project, in Queensland,” Altona MD Dr Alistair Cowden said.

He added that the company currently had A22-million cash, and that the stronger balance sheet would help grow Little Eva and the Outokumpu projet, in Finland.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Latest News

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Kenhardt solar farm, in Northern Cape
Scatec inaugurates 540 MW Kenhardt solar farm
18th April 2024 By: Marleny Arnoldi

Showroom

Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 
SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.065 0.116s - 156pq - 2rq
Subscribe Now