[Ferro-Alloys.com] 

Production ramp-up leads Mantengu to report big increase in interim revenue, profits

Mantengu Mining has reported a R102.8-million year-on-year increase in revenue from R13.1-million for the six months ended August 2023 to R115.9-million for the equivalent period this year.

Half-year gross profits also increased significantly year-on-year to R53-million for the six months under review, from R1.5-million for the same period in 2023, while operating profit increased to R24.3-million from a R15.4-million loss in the prior comparable period.

The group’s interim results reflected a consistent ramp-up in production at the Langpan chrome mine. Actual production for the half-year reached 37 334 t, compared to 4 757 t for the same period in 2023.

The company said key contributors to the reduction in production costs included the enhanced performance of its internal mining function and a strategic shift towards owning rather than renting mining machinery.

The Langpan MG plant is expected to be commissioned later in the 2024 calendar year and is anticipated to add about 18 000 t of monthly production capacity. Monthly production capacity at Meerust is projected to rise by about 10 000 t owing to the corresponding capex investment.

The Mantengu board said it would continue to explore opportunities in the mining, mining services and energy sectors for strategic acquisitions to enhance its asset portfolio, which it believes will contribute to long-term shareholder returns.

• [Editor:邢亚敏]