Information  X 
Enter a valid email address

Galantas Gold reports big drop in Q3 revenue

By BFN News | 07:32 AM | Friday 22 November, 2019


Northern Ireland gold miner Galantas Gold has reported a big drop in revenue for the third quarter and said it will have to raise funds in the next six months. The company has had to suspend blasting operations which are limited as they must be supervised by the Police Service of Northern Ireland. It added that it has been working with the authorities to increase blasting availability to 'normal levels for an underground mine' The company said: 'The current arrangements are not sufficient to allow for the expansion of mine operations as envisaged by the company's existing mine plan and until changes are agreed, the present inefficiencies caused by those arrangements form an increasing financial burden, which has proved a significant drain on the financial resources of the company. 'Accordingly, in order to reduce costs, while some mine operations will continue at the Omagh gold mine, consultation with the workforce is underway regarding a reduction in the numbers employed.' The company also outline plans to look at engaging in a joint venture alongside other alternative financing structures. Story provided by StockMarketWire.com

a d v e r t i s e m e n t