Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Frontier Mining production rises, hit by currency movements

Frontier Mining production rises, hit by currency movements

A huge currency hit sent copper miner Frontier Mining (LON:FML) deep into the red in its latst quarter despite more than doubled metal sales.

The Kazakhstan–based miner sold 1,130 tonnes of copper cathode in the nine months to September, compared to 511 tonnes in the first six months of the year.

Mining operations also picked up strongly with 357,000 tonnes of ore stacked at the end of the nine months compared to  166,000 tonnes three months earlier.

Revenues for the nine months were US$7.73 mln (US$7.38mln) with a gross profit of US$949,000 ( US$1.73mln), but after a currency charge of US$16.8mln, net losses rose to US$21.6mln from US$5mln.

Frontier has debts of around US$90mln. In March, it agreed the sale of its Naimanjal licence in Kazakhstan to UTM for US$30mln.

This has yet to complete, though regulatory approval for the sale was granted in July.

View full FML profile View Profile

Frontier Mining Timeline

January 23 2015

Related Articles

September 17 2018
Exploration is ongoing across a swathe of attractive properties in Nevada
copper symbol
“Asiamet’s strategy is on the near-term development of BKM and BKZ and then the development of Beutong, which is, in our view, the key asset of most interest, which will place Asiamet as a major copper player”

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use