Genesis Energy Investment, listed on the Budapest Stock Exchange, expects reprocessing of residue at a mine it owns in Hungary to boost annual revenue to €11 million in 2012 and to €16 million in 2012, the company's business plan for 2011-2019 published on 28 March showed, Budapest Business Journal reported.The plan projects cumulative net profit of €14 million in 2011-2019. Reopening the mine and setting up reprocessing capacity for the residue will require an initial investment of €32 million.
Further investment needed to restart the mine and operate it profitably will be established when a study is completed by the end of 2011.
Based on data at present, the requirement will be about €50 million, Genesis Energy said. The market for both the residue and the mine products is growing or stable, Genesis Energy said.
Many potential business partners expressed willingness to sign preliminary contracts, it added.
Genesis Energy expects to acquire the necessary mining licenses in 2011.
Genesis Energy Investment recently sold its solar-panel manufacturing and technology units as well as solar panel construction know-how for €15 million.
It said at the time that the conclusion of the sale would make it possible for the company to focus exclusively on mining activities in the future.
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