Register to get unlimited Level 2

Results round-up

By Alexander Bueso

Date: Thursday 22 Feb 2018

(ShareCast News) - Copper and gold miner Kaz Minerals on Thursday reported a hefty jump in full year earnings before interest, taxes, depreciation and amortisation to $503m from $67m.
Copper production rose to 259,000 tonnes from 143,500 tonnes a year earlier after the Kaz ramped up sulphide concentrators at the Bozshakol and Aktogay mines.

The company said 2018 it expected copper production to be between 270,000-300,000 tonnes but at a slightly lower average grade.

"Following the successful ramp-up to date of Bozshakol and Aktogay our asset base is now dominated by large scale, low cost, modern copper mines which are set to generate significant cash flows in the future," said chief executive Andrew Southam.

Kaz said the outlook for the global copper market was improving, as supply from existing mines continues to decline and additional output from new projects has been delayed.

"There is also potential for supply disruption in the short term which could affect a market that is tightly balanced," the company said.

"In the medium term, economic growth is expected to drive demand from traditional sources, combined with the potential development of new markets for copper such as the increased adoption of clean energy generation and electric vehicles."

"The cash flow generated by our low cost assets in 2017 has materially strengthened the group's financial position and we are investing in a low risk project to deliver further growth through the expansion of Aktogay."

Milestone Group's shares plummeted after the company released final results that showed a "challenging" year for the company.

The AIM-traded company registered a 35% increase in total losses to £2.26m for the year ended 30 September 2017 compared to the previous year, as well as a 3% decrease in gross profits to £22,676 over the same period.

Furthermore, the company's administrative expenses increased 26% to £2.26m while revenues decreased 34% to £24,640.

Anthony Sanders, interim chief executive and chairman of Milestone, said: "The last financial year has been a challenging one for the Group. The year saw a shift in the Group's management and its strategic focus. Since September 2017, we have set about streamlining our operations and revising our strategy to bring increased focus to the business. We are now in a position to prioritise our resources on products and services that utilise blockchain technology in the digital media and fintech markets and ignite the commercial potential that exists within the Group.2

Anthony Sanders replaced Deborah White as chief executive on an interim basis after White resigned from the position in September.

Meanwhile, the company stated that it has reflected on its position since September and opted to cancel a number of projects and agreements, including those involving the Milestone Foundation and Passion Project as both services have now been cancelled entirely after the company determined they had failed to yield satisfactory results due to "poor internal and external execution".

Looking ahead, Milestone seeks to augment its music and media publishing capabilities after entering a joint-venture with Seed Media and Martin Heath and aims to increase marketing exposure for its growing management and reporting platforms OnSide and OnGuard.

Milestone Group is a London-based company that works with both public sector and consumer brands to deliver media and technology solutions.


Email this article to a friend

or share it with one of these popular networks:

Top of Page