|Wednesday, 21 August 2019, 08:50 HKT/SGT|
|Fosters Steady Development of Tin Metal Mine Business |
Sets Sights on Diversifying Operations
HONG KONG, Aug 21, 2019 - (ACN Newswire) - Greentech Technology International Limited ("Greentech Technology" or the "Company", together with its subsidiaries the "Group"; stock code: 00195) is pleased to announce its unaudited interim results for the six months ended 30 June 2019.
During the reporting period, the business operation of Greentech Technology remained stable. Turnover, gross profit and gross profit margin were HK$252,848,000, HK$32,058,000 and 12.7%, respectively, representing increases of 4.0%, decreases of 48.9% and 13.1 percentage points, respectively. For the six months ended 30 June 2019, profit for the period, profit attributable to shareholders and earnings per share were HK$38,649,000, HK$29,160,000 and HK0.43 cents, respectively. The Board of Directors did not recommend payment of interim dividend for the six months ended 30 June 2019.
The Group continued exploration work in the Renison underground mine during the first half of 2019 to discover potential tin resources. During the reporting period, the tin metal production excavated was 3,710 tonnes, up 18.0% compared to the same period last year. YT Parksong Australia Holding Pty Limited, an indirect non-wholly owned subsidiary of the Company which holds 50% interest in the Renison underground mine, was entitled to 1,855 tonnes of tin metal (first half of 2018:1,572 tonnes) available for sale.
According to the Group's recent estimates of mineral resources, the contained tin within the Renison underground mine increased from 215,665 tonnes to 263,192 tonnes, up significantly by 22% year-on-year. Currently, the measured, indicated and inferred mineral resources within the Renison underground mine was approximately 17,582,000 tonnes, with the grade of ore reaching 1.50%. The increase in contained tin within the Renison underground mine has created greater room for the Group to raise production volume. During the reporting period, the global economic slowdown put the tin market under considerable pressure. As the China-U.S. trade dispute suppressed market demand for Chinese electronic products, the demand for tin metal reduced subsequently, and brought certain impacts on tin price. However, since the increase in the production of the tin metal of Renison underground offset the slight decline in tin price, turnover increased during the reporting period.
Looking forward to the second half of 2019, the Group will continue to conduct drilling campaign on ore grade control and resources defining in Area 5 and Leatherwood Trend within the Renison underground mine, in order to assist the Group in excavating high-grade ore from the area. Besides, the Group will continue to develop other areas within the Renison underground mine, including Bell 50 area located at the bottom of Area 5, trial on excavation drilling will take place in the area later on, in order to tap the resource potential of the mine. With the three-stage crushing, screening and ore sorting plant commencing operation, the Group expects tin metal production of the Renison underground mine to grow steadily. The Group will continue to fine-tune operation of the ore sorting plant, in order to increase tin metal production by raising the productivity of the plant, in hopes of generating greater returns.
In addition, the Group intends to expand its business to overseas emerging markets as a means to further increase profitability and diversify its business. In particular, the Group is optimistic about the economic development potential of Vietnam. The country has attracted massive foreign investment, driving up the economic development in recent years. Vietnam achieves relatively high GDP growth rates every year which presents an enormous development potential. In view of that, the Group has established a subsidiary in the country, in hopes of actively seizing development opportunities.
Looking forward, the Group is prudently optimistic with the long-term development of the tin mining industry, and will realize sustainable and high-quality business development through increasing resource investment and expanding business operations, with a view to enhancing core values and competitiveness, thereby creating greater returns to investors and shareholders.
About Greentech Technology International Limited
Greentech Technology is a non-ferrous resource company engaging in mining and sale of tin. The Group operates tin mining and excavation business in Tasmania, Australia, through joint venture YT Parksong Australia Holding Pty Limited (Greentech Technology and Yunnan Tin PRC hold 82% and 18% interests respectively). The Group and Yunnan Tin PRC jointly hold 50% interests in the Renison mine, the largest tin metal mine in Australia, Mount Bischoff open-cut tin project and Rentails tailings retreatment project, whilst the remaining 50% interests is hold by Metals X, a listed company in Australia. Yunnan Tin Australia TDK Resources Pty Ltd., a wholly-owned subsidiary of long-term partner Yunnan Tin PRC, has been the offtake purchaser of the tin concentrates produced by the Group since 2010.
For more information, please visit: http://www.green-technology.com.hk/c/index.php
Anli Financial Communications Limited
Ms. Judith Cheung 852-3956 1646 [email protected]
Ms. Kenix Luk 852-3616 0807 [email protected]
Aug 21, 2019 08:50 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network
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