New South Wales copper, gold and silver producer Aeris reported a $5.3 million gross profit.
Aeris’ December 2018 half-year gross profit was a $5.9 million, or 52%, decline on the December 2017 half-year.
The decline prompted a $3.8 million, or 57%, increase in net loss after tax to $10.5 million when compared to the prior period.
Reporting Season: AX1, CCL, WEB, IRE, MOC, MWY, QUB, FLT, MSB, STO, ILU , IDX, IFN, QAN, NEC, MYO, EVT, GOZ, MIN, SGR, 3PL, ORG, PPT, WES, SYD, VVR
During the December half, copper tonnes produced at the Tritton Copper Operations increased by 1,041 tonnes, or 9%, to 13,268 tonnes, when compared to the December 2017 half.
The Tritton and Murrawombie underground mines performed ahead of plan in the December half, with full-year copper production guidance for Tritton remaining at 24,500 tonnes.
Reporting Season: BHP, A2M, CTD, WOR, SBM, APA, SGP, DMP, CQR, WSA, SHL, MMS, FMG, CWN, WTC, WOW, LOV, SCG
Aeris hopes to achieve the guidance at a net direct (C1) cash cost of between $2.75 and $2.90 a pound.
Copper prices are approaching an eight-month high at yesterday’s LME closing price of $US6,480 a tonne (US$2.94 a pound or $4.11 a pound).
Ore processed during the December half increased by 34,586 tonnes, or 4%, to 828,796 tonnes when compared to the prior corresponding period.
Total equity was increased by $104.36 million, or 44%, to $79.1 million when compared to the June 2018 half-year.
Net tangible assets per share increased by 3.6 cents to 14.4 cents by 31 December 31, when compared to the June 30 value per share.
As with the June half, Aeris’ directors opted not to pay a dividend for the December half.
The company raised $35.096 million for its efforts during the period to end with $17 million cash.
It paid down a significant proportion of senior debt with its cap raises and plans to use funds to accelerate Tritton development.
Aeris also plans to put funds towards the advancement of its 70%-held Torrens joint venture copper project in South Australia near Oz Minerals Limited (ASX:OZL) and BHP Billiton Limited (ASX:BHP) operations.
Strategic Elements increases revenues by 99%
Strategic Elements Ltd also posted its half-year results, reporting a $437,000, or 99%, increase in revenue to $500,000 when compared to the December 2017 half-year.
The Western Australian company has an Internet of Things data ink along with Pilbara ground prospective for conglomerate gold.
Subiaco-based Strategic Elements increased net losses after tax by $358,000, or 38%, to $1.3 million when compared to the previous corresponding period.
Net tangible assets per security declined by 0.63 cents per security to 1.12 cents each in the December half-year, when compared to the December 2017 half.
Strategic Elements opted not to pay a dividend in the December 2018 half-year and ended the period with $3 million cash.