Bluebird Mining Ventures Ltd (LSE:BMV) has said it is moving its focus from restructuring and capital deployment towards generating operating revenue through its Energy Harvesting and Metal Harvesting businesses.
As part of the change, the company will stop publishing standalone monthly net asset value updates. Bluebird said it will instead focus its reporting on revenue growth, recurring income and operational performance, with treasury activity becoming a secondary measure of progress.
The company is pursuing capital-light and zero-capex commercial structures across its two operating businesses.
Energy Harvesting Begins Generating Bitcoin Revenue
Within Energy Harvesting, Bluebird said its initial Bitcoin mining stream in Texas has started generating revenue denominated in Bitcoin.
According to the company, revenue from the operation is currently above its reported electricity costs.
Bluebird is also prioritising the deployment of 750 miners that it owns under a proposed structure that would involve no capital expenditure or operating expenditure for the company.
The group said it terminated three hashrate contracts after determining that they were uneconomic. Bluebird said its experience with the contracts has informed its approach to risk management within the Energy Harvesting business.
Metal Harvesting Targets Gold Flows
Bluebird is also progressing its Metal Harvesting business, through which it is seeking commercial structures that provide access to gold production or other gold-related economic flows.
The company said work is progressing at the Santa Teresa Gold Project in Mexico as part of these activities.
Bluebird plans to publish further information covering its strategy for the Energy Harvesting and Metal Harvesting businesses. It also intends to provide updates on its responsible gold sourcing framework and treasury policy.
An Investor Day is planned for later in October, when management intends to provide further details on its plans for the two operating platforms.
More about Bluebird Mining Ventures
Bluebird Mining Ventures Ltd is an LSE-listed mining, streaming and treasury company operating through its Energy Harvesting and Metal Harvesting businesses.
The company is pursuing capital-light commercial structures involving energy and metals, with the aim of generating recurring economic flows. Its treasury activities now have a supporting role within the broader operating strategy.
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