Renergen announced that it has successfully produced liquid helium at its Virginia Gas Project in South Africa. Previously, the company faced issues with its cold box unit, an essential component for liquefying helium, which have now been resolved. The helium, achieving 99.999% purity, has been independently verified and is ready for continuous operation following performance testing. The Original Equipment Manufacturer (OEM) is set to conduct final checks before beginning continuous helium production, ensuring that all processes are repeatable and documented. Therefore it may still take some time for the plant to ramp up to capacity with continuous operation. The produced liquid helium is slated for immediate distribution to customers. Additionally, in its trading statement for the end of February 2024, the company reported that its losses had quadrupled year-on-year to ~R74/sh. The company's shares fell 8% on the trading statement news and rose 8% on the successful production news. YTD to Apr'24, shares are down 22%.
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