Capital Ltd on Wednesday said it anticipates continued revenue growth as it hailed a soon-to-be-operational mine in the Democratic Republic of Congo.
The London-based mining services company, with operations in Africa, the US and the Middle East, said revenue in the third quarter of 2023 rose 9.0% to $79.7 million from $73.1 million a year prior. Laboratories revenue jumped 36% to $10.5 million from $7.7 million. Mining revenue surged 39% to $18.0 million from $13.0 million.
Looking ahead, Capital expects 2023 revenue to be between $320 million and $340 million, up at least 10% from $290.3 million in 2022.
The company said it continued to progress with its traditional geochemical business, citing the establishment of a mine site fire assay laboratory at Barrick Gold Corp’s Kibali, a phase 2 project in the Democratic Republic of Congo that will become operational ‘imminently’.
Chief Executive Officer Peter Stokes said: ‘We are thrilled to continue expand our services with Barrick at the Nevada Gold Mines complex. This contract represents a significant milestone for our Group extending our geographic reach in drilling into North America, adding to our growing presence in the Americas with [Capital subsidiary] MSALABS [Ltd] and building a strong platform for additional growth as we look towards 2024 and beyond.’
Capital shares were flat at 77.60 pence each on Wednesday afternoon in London, while Barrick Gold shares traded 1.5% higher at $16.66 in the pre-market in New York.
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