Company news: Emeco, Moreton Resources
Moreton Resources released an update in relation to commissioning of its Texas (Qld) Granite Belt silver project. Commissioning activities are progressing well and ~784kg of silver concentrate is expected to be shipped this week for processing. The company is on track to be at full target production level (90,000 oz per month) by the end of Jan-18.
Emeco released a positive first quarter (Q1) update, for the 3 months ending 30-Sep-17. Operating utilisation increased to 58%, from 52% in the previous quarter (Q4FY-17). Margin (EBITDA) increased to 35%, from 31% in the previous quarter. It is targeting a 40% margin by the end of the current quarter (Q2). This data indicates that the company is on track with the turnaround following the acquisitions and restructuring, and is leveraging the tightening being seen in the mining services sector.
The company also announced it has entered into a Memorandum of Understanding (MoU) with the major Japanese company Mitsui to collaborate in mining-related business opportunities.