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.