Privately held tantalum miner Global Advanced Metals has reported a $6.3 million net profit for the year to June 2016, up from a $72.2 million loss in the previous 12 months, while its two Western Australian mine sites remained under care and maintenance.
Privately held tantalum miner Global Advanced Metals has reported a $6.3 million net profit for the year to June 2016, up from a $72.2 million loss in the previous 12 months, as its two Western Australian mine sites remained under care and maintenance.
According to the company's annual report seen by Business News, a $52 million impairment reversal aided the US-based company post a net profit after it made an EBITDA loss of $24.2 million, .
That was a slightly poorer performance than a $17.8 million loss in the 2015 financial year.
Global reported revenue of $139.8 million, down from $141.8 million, mostly from manufacturing operations as the company's two mines at Wodgina and Greenbushes were under care and maintenance.
The company still concentrates tantalum produced by Talison lithium at Greenbushes, although it now sources ore for manufacturing from overseas.
Sales from manufacturing plants in the US and Japan totalled $113.9 million.
Global is chaired by Resource Capital Funds managing partner James McClements.
In September, Global finalised the sale of its Wodgina mine site assets to a subsidiary of Mineral Resources, although it retained the rights over any tantalum minerals.
That led to a reversal of two previous impairments on the value of Wodgina, delivering a $52 million boost to net profit.
Global also made some changes to its capital structure in the first six months of this financial year, issuing $12 million in a raising and additionally closing a $70 million shareholder loan, replaced with a $56 million loan maturing at the end of 2019.
There was also a share issue to US-based tantalum processor Advanced Metallurgical Group, giving the company a 10 per cent stake in Global in exchange for amending a supply contract.