Carl Esprey, Executive Director of Contango Holdings PLC (CGO.L) Shareholder Update
June 18, 2020
Admission To Trading & First Day of Dealings
Carl Esprey, Executive Director of Contango Holdings, said: "I am delighted to have successfully brought this asset to market and I am confident that the work conducted on Lubu in recent years will translate to material value for shareholders in the near future.
"The remaining months of 2020 are set to be punctuated with high impact news flow as we look to deliver first production and revenues from Lubu by the end of Q4. Our strategy is centred on providing early cashflows from this, our first asset, and then expanding our production schedules to realise the full value of this +1 billion tonne coal project. I believe this is a message which will resonate with investors as we look to underpin the Company's financial performance with the objective of supporting a dividend policy.
"I look forward to providing further updates in the coming weeks and months as we begin our initial activities readying the site for production, specifically the refurbishment and development of supporting facilities, ground clearance and removal of overburden of the 20-acre area that comprises the initial mining zone within Block B2 of Lubu."