Altona Mining has reported its maiden first half profit, after kicking off commercial production at the Outokumpu copper-gold project in Finland.
Altona announced today a net profit of $14.16 million for the six months to December 30, on revenue of $30.43 million.
The company received a tax benefit of $13.69 million to offset tax losses accumulated in Finland.
Managing director Alistair Cowden congratulated the company’s employees for achieving a maiden profit.
“This result was achieved despite Outokumpu production ramping up for the first three months of the year,” Mr Cowden said in a statement.
“Surplus cashflow was invested in mine decline development, mine ventilation infrastructure and tailings dam construction in Finland, and advancement of the Roseby project.”
Mr Cowden said the company would continue to spend between $3 million and $3 million per quarter as the Outokumpu mine is developed to its final depth of 750 metres, a target expected to be reached by the end of next year.
Production from Outokumpu is forecast to come between 6,500 and 7,000 tonnes of copper, and 6,500 and 7,000 ounces of gold.
At 11:30AM, WST, Altona shares were up 2 per cent, trading at 23 cents.