Southern Alliance Mining (SGX:QNS) addressed questions on its FY24 annual report, focusing on its transition to underground mining, safety measures, and financial challenges, according to a Friday filing on the Singapore Exchange.
The shift to underground mining, driven by inefficiencies in open-pit operations, is still in the early optimization stages. The company reported a 70% completion rate for emergency response equipment procurement.
Southern Alliance cited China's economic slowdown as a factor in its declining gross profit margin and rising extraction costs, impacted by inflation and equipment maintenance. Efforts to improve financial performance include cost control and fleet efficiency improvements.
The company is diversifying through delayed acquisitions of MCRE Resources and Paramount Synergy, pending approval and regulatory reviews. Core operations at the Chaah Mine remain unaffected.
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