Ferrex said it made 'significant' operational progress in the first six months of its financial year as it continues to build its position as a low-capex iron ore and manganese exploration and development company in Africa.
The pre-tax loss in the half year ended March 31st 2012 widened to £762,000 from £245,000 in the same period the year before.
However it was slightly better than the £880,000 loss reported in the second half of the previous financial year (ended September 30th 2011)
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company is yet to recognise any revenues.
At one of its sites in South Africa, the Malelane iron ore project, maiden resources show the potential to yield three million tonnes per annum of iron ore with a mine life of 16.6 years, Ferrex said.
The company also said it was reviewing acquistion opportunities for further iron ore and manganese deposits primarily in west Africa.
"I am delighted to report on the significant operational progress Ferrex has made during the period as it continues to build the company as a leading low-capex iron ore and manganese exploration and development company in Africa," said Chairman Brian Moritz.
BC
-
Banks given additional 72 hours to investigate suspicious paymentsNew rules will allow banks to pause suspicious payments for longer, giving them time to investigate cases of potential fraud
-
What financial support can you get if you are suffering with long-term illness?Health is wealth and more important than any material riches. But too often, long-term illness brings financial worries of its own. What financial support can you get if you are ill?
