Galantas Gold reports loss as Omagh processing plant starts up
Northern Irish gold mining company Galantas Gold reported a loss for the first half today, but said that production will "ramp up" at its Omagh mine.
Shares in the company fell more than two per cent in early trading.
Revenue reached $57,040 Canadian dollars (£34,135) in the second quarter, compared to $16,607 in the same period last year.
Income for the second quarter excluding depreciation, administrative expenses, unrealized gains and foreign exchange was $22,890, bringing the total for the first half to a loss of $1,176.
Net loss for the three months to the end of June was $700,510, pushing losses so far this year to $1.23m.
Why it's interesting
The results cover the period prior to this month's announcement that the company has started up the gold processing plant at its Omagh mine. The development puts the mine on track to begin stoping (bulk mining) either late this year or early in 2019.
Roland Phelps, president and chief executive of Galantas Gold said earlier this month: “This is another important milestone successfully and safely achieved and I look forward to our expected ramp up in development production.”
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What Galantas Gold said
Providing a detailed update on the Omagh mine, the company said that its strategy was "to establish the underground mine and look for further expansion of gold resources on the property, which has many undrilled targets".
"The phased development arrangement, in terms of mine access dimensions, is expected to allow for rapid expansion of production as additional capital becomes available."
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