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WA props up Eltin

Mining contractor Eltin warned investors that delays in the startup of new projects would have a significant impact on its half-year results, but that revenue growth would come predominantly from new contracts in WA. Delays in the delivery of new equipment as well as severe winters in New Zealand and Chile had affected the startup of new projects, the group’s chairman Grahame Smith told shareholders. He said as a result of the improved contracting outlook and the need for capital investment in equipment, it had been decided to sell the company’s gold mining interests. The company had sold its Norris gold mine near Coolgardie to St Francis Mining for $3.1 million cash and one million St Francis Mining shares.

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