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Xtract Resources CEO says Chepica re-opening is “imminent”

Lower grades knocked revenues at Xtract Resources’ (LON:XTR) Chepica gold mine in the three months to end December despite a rise in the amount of ore processed.

Mill grades were 40% lower than expected at 1.65 g/t and 8% below the previous three months, hitting the results, but chief executive Jan Nelson told Proactive: “We have a good idea of what we think the problem is and we will address it in the coming quarter.”

Revenue was 16% below the previous quarter at US$375,000, but profits rose by 39% to US$208,000 due to its cost-cutting measures and because the company “overachieved in terms of our volume” Nelson said.

Quick facts: Xtract Resources PLC

Price: 1.4 GBX

LSE:XTR
Market: LSE
Market Cap: £6.4 m
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