StockMarketWire.com - Mining company Chaarat Gold reported wider first-half losses as lower production amid delayed shipments dented revenue.

For the six-month period ended 30 June 2020, pre-tax losses widened to $13.2m from $12.4m on-year as revenue fell to $29.9m from $31.0m.

Gold equivalent production fell to 26,960 ounces in the half, compared with 29,607 oz a year earlier.

Looking ahead, the company said it was on track to deliver on its AuEq 55k oz guidance for the year.

'A portion of the copper concentrate and third-party concentrate produced in June was not financially recognised in H1 2020 due to late shipment,' the company said. 'This led to lower AuEq sold in H1 2020 but has contributed positively to results in July 2020.'

'Further, a stronger H2 is expected with improved economic performance as new higher-grade zones are mined from development in H1 2020,' it added.


At 8:11am: [LON:CGH] Chaarat Gold Holdings Ltd share price was -0.4p at 38.95p



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