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Lydian Q3 cash swells to $155mln

Monday, November 14, 2016 13:57
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(Before It's News)

Lydian International Ltd (TSE:LYD) said on Monday its cash swelled to $155mln in the nine months to Sept 30 from $9.66mln a year earlier.

That led to total income, in the form of interest, rising to $97mln in the three months to Sept 30 from $1.2mln in the same period in 2015.

The Armenia-focused gold mine developer said its working capital stood at $153.9mln at the end of September.

Among other highlights in the third quarter Lydian noted:

  • Receipt of $35mln as the second and final deposit under the stream agreement
  • Closing of a private placement with European Bank for Reconstruction and Development for gross proceeds of $8.8mln
  • Finalisation of private land purchases, providing Lydian with control of all surface rights needed to access and build the Amulsar gold project. This completed earlier this month. Read more
  • Overall engineering surpassing 50%, including fully completing detail engineering for the heap leach facility (HLF) and mine haul road
  • Starting site earthworks on key infrastructure access roads and other facilities

 

“With mass earthworks activities under way, the finalization of surface rights and ongoing community support, we continue to advance the path to production at Amulsar,” said Howard Stevenson, Lydian’s president and chief executive officer.

“Over the next quarter, we will finalize key equipment packages and complete drilling we began in Q2 with the objective to convert inferred mineral resources and increasing drill density for grade control purposes.”

Story by ProactiveInvestors

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