29metals Ltd. (AU:29M) has released an update.
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29Metals Ltd. reports a modest revenue increase to $243 million and a significant reduction in net loss, with a decrease from $307 million to $109 million in the first half of 2024, despite a challenging period involving the suspension of operations at Capricorn Copper. The company has made crucial investments in infrastructure and environmental projects, and has strengthened its balance sheet through a US$50 million offtake finance facility with Glencore and an insurance claim progress payment. These strategic moves aim to set the stage for a sustainable restart and improved financial performance.
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