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Summary
- AltynGold Plc has announced that the formalities required to change the company’s name have been completed
- The company also announced the appointment of Thomas John Gallagher as a non-executive director
UK-based miner AltynGold Plc has announced today that the formalities required to change the company’s official name have been completed. In the general meeting that took place on 20 November, the Board of Directors had passed resolutions regarding the name change with shareholders voting in its favour. Previously, the company’s name was Altyn plc.
The company is involved in the production of gold dore, a semi-pure alloy which is used to make refined gold bars from the deposits of Sekisovskoye gold and silver. The mines of precious metals explorer and developer are located in Kazakhstan. It is also looking for suitable investment opportunities.
(Image Source: ©Kalkine Group 2020)
Management Update
The company announced a managerial change by appointing Thomas John Gallagher as the non-executive director. Gallagher holds appropriate knowledge and experience in this field. Welcoming him, Aidar Assaubayev, CEO of AltynGold PLC, said bringing Gallagher on board was a positive step that would contribute towards the development of the mining group.
Thomas John Gallagher
Thomas John Gallagher is a board member of the NASDAQ-listed company Trident Acquisition Corporation since 2016, and member of the various Bar Associations in New Jersey, New York, Pennsylvania, and Washington D.C.
He has served on the Boards of Switzerland- based Exchequer Capital and New Zealand-based Exchequer Trust Company Limited in the past five years. Having an extensive knowledge of banking products, he has been associated with prominent banks and other financial institutions.
Operational update
On 8 December, Altyn PLC released its production results for Q3 2020. Important highlights are as follows:
- Loan Secured: Kazakh Bank JSC’s Bank Centre Credit (BCC) JSC Bank CenterCredit has granted a supplementary credit line of KZT 3 billion (US$ 7 million) to the company, which will be used to increase the output of its processing plant. The time-period for repaying the loan is five years and it bears an interest rate of 6 per cent.
- Revenues: For Q3 2020, the company witnessed a 38 per cent rise in its revenue on a quarter-on-quarter basis, due to the surge in gold prices and regaining from accruals.
- Average Grade: Altyn saw a jump in its average gold grade by 3.3 per cent for Q3, which is projected to further improve over the coming quarters because of the ongoing mining and reserves uncovering works.
- Equipment: A JSB crawler excavator, which is equipped with a buoyancy machine and has a bucket capacity of 1.8 cu. m, was delivered. It will be used for crushing oversized ore and loading ore on portals 1 and 2.
- Safety Measures: The company has undertaken additional measures to ensure the health and safety of its personnel in the face of the Covid-19 pandelic. The management said that the production operations saw a negligible impact due to the pandemic.
Stock Performance
At 11:44 am on 9 December, the shares of ALTN were trading at GBX 112.00, down by 2.61 per cent from its previous day’s close of GBX 115.00. The company has delivered magnificent return of 22,122.22 per cent on a year-to-date basis.
