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Altyn Sells More Gold in 2016, But Produces Less

3 Apr 2017 9:08 am

LONDON--Altyn PLC (ALTN.LN) said Monday it sold 12,602 ounces of gold in 2016, more than the 9,890 ounces sold in 2015.

But, the mining and development company produced less gold and silver last year.

"The overall low production levels of 2016...are a direct consequence of the resources being used to build a platform to bring the underground mine into production," the company said.

Production increased in the second half after getting a new dumper with which it is filling the underground trucks with ore, Altyn said.

The company said it is planning to spend between $15 million and $20 million in 2017.

Shares at 0905 GMT unchanged at 1.60 pence.

-Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

(END) Dow Jones Newswires

April 03, 2017 05:08 ET (09:08 GMT)

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