The Board of Directors of Mantengu, a leading resource investment company, has announced the release of the audited annual financial results for the year ended 28 February 2023, marking a significant milestone in the company's growth trajectory. The clean audit report was unqualified and confirmed that Mantengu was a going concern. This is a remarkable achievement given the history of Mantengu and is a testament to the Board’s unwavering commitment to governance and provides a solid foundation to support the Group’s growth strategy.
Mantengu has for the first time, prepared Group results that include Langpan Mining Co. Mantengu successfully acquired Langpan on 27 July 2022, resulting in a positive impact on the company's operations, even while short term costs resulted in a temporary loss for the year.
Langpan, a company which mines and processes chrome ore to produce chrome concentrate with Platinum Group Metals (PGMs) as a valuable by-product, has strengthened Mantengu's position in the market. The commissioning of the first Langpan plant was recently announced, and first deliveries of chrome concentrate have taken place.
Mantengu Group CEO Mike Miller says: “As a forward-thinking resource investment company, Mantengu focuses on unlocking new value in the mining, mining services, and energy sectors. With the successful acquisition of Langpan, Mantengu has commenced its journey towards becoming a ‘Next Generation’ conglomerate in these sectors with the acquisition of Langpan further enhancing Mantengu’s strategic capabilities.”
The Group incurred significant regulatory, legal, and compliance costs, which were anticipated, relating to its turnaround strategy, listing reinstatement and the completion of the Langpan acquisition. However, Mantengu's recent commissioning of the Langpan Chrome Processing Plant has positioned the Group favourably for growth, enabling it to generate returns for shareholders through its chrome beneficiation operations.
As part of its ongoing commitment to strategic expansion, Mantengu is actively exploring the market to identify suitable investment opportunities that align with its mining, mining services, and energy investment strategy.
The Board is confident that the Group and Company have access to ample funding and facilities to meet foreseeable cash requirements and to execute further acquisitions to drive growth.
