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Altyn confident of meeting output targets

By BFN News | 07:52 AM | Monday 03 April, 2017


Altyn said development of the underground mine in 2016 had built a solid platform for the future growth and the company was confident of meeting targeted forecast gold production of 100,000oz in the future. The group said gold production totalled 10,970oz in 2016, (2015 15,534oz) and silver production totalled 16,520oz (2015 26,608oz). H2 2016 gold production totalled 7,276oz compared to production of 3,694oz in H1 2016 which, it said, was a direct result of increasing production from the underground mine. Chief executive Aidar Assaubayev said: "We are pleased with the development of the underground mine in 2016 which has built a solid platform for the future growth of the company, the results of which are now bearing fruit. "The strong rate of growth of production in the second half of 2016 has been sustained in 2017, and will be further enhanced going forward as new capital equipment is acquired. "We are confident in meeting the targeted forecast gold production figures going forward of 100,000oz in the future, with a forecast cash cost of US$510. "The Sekisovskoye mine project together with the added benefit of the development Karasuyskoye ore field, the exploration results of which are looking very encouraging are expected to generate substantial returns to the shareholders." Story provided by StockMarketWire.com

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