Altyn plc (ALTN:LN) is a London-listed Main Board company with assets in Kazakhstan. The Company’s main asset is its 100% interest in the Sekisovskoye gold mine in East Kazakhstan with reserves of 2.26 Moz. The Company has a strategy to deliver transformational growth at Sekisovskoye, through its development of the underground mine, with targeted annual production of 100,000oz of gold by 2019.
In addition to Sekisovskoye, in January 2015, the Company was awarded the tender to perform further confirmatory testing in order to gain the subsoil user contract to the Karasuyskoye Ore Fields. The final subsoil contract terms and conditions, including the new financial incentives now offered specifically to the Company through the state programme on forced industrial innovative development (SFIID), have taken longer to finalise than originally anticipated but should be forthcoming in 2016. These additional terms are still expected to include investment incentives and tax reductions.
The Sekisovskoye open pit mine has been exploited since 1976 and additional exploration and metallurgical studies on the open pit and underground ore bodies were carried out between 1979 and 1994. In 1994, Hambledon Mining acquired the mining rights held by ME BAURGOLD LLP. The mining licence is valid until 18 July 2020 with a contractual right to extend.
In 2004, Hambledon Mining listed on AIM. It subsequently built a new processing plant capable of treating 850,000 tonnes of ore annually. Mining commenced in 2007 and the plant began processing ore and pouring gold in 2008.
The Company has established a production track record via open pit at Sekisovskoye. In late 2011, Altyn began mining the underground deposit of Sekisovskoye and, in 2012, a loan and equity investment from European Bank for Reconstruction and Development (EBRD) was secured, to assist in the financing of the underground development.
In late 2012, African Resources Ltd., a company indirectly owned by the Assaubayev family, made a successful partial tender offer for Hambledon Mining, and now owns a 61.7% stake in the issued equity. A re-configured Board was instituted and is currently led by the Chairman — Kanat Assaubayev, with Aidar Assaubayev, Kanat’s son, as CEO. The Company’s name was changed to GoldBridges Global Resources plc in January 2014.
Throughout 2014, the Company worked on a Competent Person’s Report (CPR) that sets out its development plans to move the Sekisovskoye operation from open pit to underground mining and to increase gold production to in excess of 100koz annually. Altyn announced the findings of the CPR in November 2014.
In December 2014, the company migrated its listing from AIM to the Main Market of the London Stock Exchange by Standard Listing. The listing prospectus can be found in the Investor Relations section. In December 2016, the company’s name was changed to Altyn plc.