Auriant Mining - Making a virtue of dependability
Excluding a write-off of stripping assets and a $0.5m loss on foreign exchange, Q420 pre-tax profits were within 3% of Edison’s prior forecast (see Exhibit 2), despite the company selling c 23.9kg (768oz) less gold than it produced (Edison estimate). This had the effect of depressing revenue by c $1.44m. Nevertheless, for the full year, the transformation in Auriant’s financial fortunes as a result of its development of a CIL plant in place of the former heap leach operation is readily apparent, with a loss after tax of $1.2m in FY19 reversing to become a profit after tax of $10.7m. Similarly, EBITDA for the full year increased by a factor of four compared to FY19, while cash flows from operations increased threefold.Auriant Mining is a Swedish junior mining company, focused on gold exploration and production in Russia. Co. has two producing mines, Tardan in the Republic of Tyva, and Solcocon in the Zabaikalsky region. In addition, it has one early stage exploration property - Uzhunzhul in the Republic of Khakassia, and an advanced exploration property - Kara-Beldyr, in the Republic of Tyva.
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