TSX-listed Katanga Mining on Wednesday reported that its copper revenue for the first half of this year increased to $350.86-million, compared with $3 000 in the first half of 2017, while its cobalt revenue increased to $141.1-million, from zero revenue in the first half of the prior year.
“The increase in copper and cobalt revenue . . . relates to an increase in sales of copper cathode and cobalt contained in hydroxide due to the resumption of production in December 2017 following the completion of phase one of the whole ore leach (WOL) project and the ongoing ramp-up of production in 2018,” the company said in a statement.
Katanga posted a gross profit of $70.33-million for the first half of this year, compared with a gross loss of $12.8-million in the first half of 2017.
Its net loss, however, widened to $402.47-million, from a loss of $227.48-million in the first half of 2017.