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Stratex International PLC says commercial production at Altintepe this month

Stratex will start to receive cash from the mine once target production is achieved.
Stratex International PLC says commercial production at Altintepe this month
Altintepe will produce 30,000 oz per year at full tilt

Stratex International PLC’s (LON:STI) gold mine joint venture at Altintepe in Turkey should achieve full commercial production by the end of the month.

Up to the end of December, 608 oz of gold had been produced and sold but a significant ramp-up is now underway.

Bob Foster, Stratex’s chief executive, said ‘solid progress’ had been made since the first gold pour in November in spite of heavy snow in the region.

Production is gearing up to an annualised level of at least 30,000 oz, and Stratex will start to receive cash from the mine once this level has been achieved.

Partner Bahar will receive 80% of the cash flow generated until its development and construction costs are repaid after which the distribution will be on a pro-rata basis: 55% to Bahar and 45% to Stratex.

Foster added that rulings in a number of legal challenges at Altintepe have mostly been in the joint venture’s favour so far, though appeals are still outstanding in a number of these.

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