Deutsche Rohstoff: Almonty publishes Financial Statements for the year ended September 30, 2015

Deutsche Rohstoff AG

Deutsche Rohstoff: Almonty publishes Financial Statements for the year ended September 30, 2015

Deutsche Rohstoff AG

Heidelberg/Toronto. Almonty Industries (14.02% owned by DRAG) today filed the 2015 Financial Statements and the MD&A for the year ended September 30. All documents can be found at http://www.almonty.com.

Revenue increased by 18% to 36.1 Mio. Canadian Dollar (CAD) – (previous year: 29.6 Mio CAD). The company is showing a loss for the year of 19.5 Mio. CAD (previous year: profit of 10.4 Mio CAD). The negative result is primarily due to low tungsten prices and resulting impairments on the value of existing mines and stockpiled material. The equity capital on 30. September 2015 amounted to 49 Mio. CAD, the equity ratio is at 42%.

Thomas Gutschlag, CEO of Deutsche Rohstoff AG, commented: “The weak result of Almonty does not come as a surprise given the continuing low commodity price environment. Despite this Almonty has continued the expansion strategy with the acquisition of the Panasqueira Mine and the extended loan facility arrangement announced earlier this year. We are convinced that Almonty will be one of the winners coming out of the current phase of market consolidation.”

The Almonty group now consists of the three producing mines in Los Santos (Spain), Panasqueira (Portugal) and Wolfram Camp (Australia) as well as the two development projects Sangdong (South Korea) and Valtreixal (Spain).

Heidelberg, 10 February 2016

Download Press Release

Deutsche Rohstoff identifies, develops and divests attractive resource projects in North America, Australia and Europe. The focus is on the development of oil and gas opportunities within the United States. Metals, such as gold, copper, rare earth elements, tungsten and tin complete our portfolio. For more information please visit www.rohstoff.de.

Contact:
Deutsche Rohstoff AG
Thomas Gutschlag
Tel. +49 6221 871 000
info@rohstoff.de