Ncondezi looks to bright 2012
Mozambique-focused Ncondezi Coal Company posted big losses in 2011 but said it expects significant developments this year.
Mozambique-focused Ncondezi Coal Company posted big losses in 2011 but said it expects significant developments this year.
The firm reported pre-tax losses of $6.98m for the year to the end of December 2011.
This amounted to a loss per share of $5.90.
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 firm said a definitive feasibility study (DFS) of its Ncondezi Project in the Tete Province was on track and expected to be completed in the third quarter of 2012.
Completion of the study would bring the project "one large step closer towards development and production", said Chief Executive Graham Mascall.
"In anticipation of this, management and the board will be holding a workshop with the group's DFS consultants and contractors at the beginning of May to confirm key parameters for the Group's Ncondezi Project that will provide the definition and framework for completion of the DFS in September 2012," he added.
"Following the workshop the board will update the market accordingly."
Investors took heart from the announcement, pushing the company's shares up 5% in early trading.
-
Lloyds, Halifax and Bank of Scotland to shut another 45 branches
Lloyds Banking Group, which includes Halifax and Bank of Scotland, is set to close a further 45 branches in 2024 - find out if a branch near you is closing.
By Vaishali Varu Published
-
US stock trading app Robinhood launches in the UK
The low-cost trading platform has opened another waiting list for British investors - following two failed attempts to launch in this country - and is hoping to be fully operational next year.
By Ruth Emery Published