30th Aug 2019 08:44
(Alliance News) - Alba Mineral Resources PLC on Friday said it intends to focus on assets that provide the shortest likely timeline to commercial production, as it reported a stable loss in the first half of its financial year.
The mineral exploration and development company said it has made significant progress across its portfolio of mining projects and oil & gas investments during the six months to the end of May.
Alba's loss narrowed marginally to GBP376,163 during the period from GBP381,367 reported a year earlier. The company did not generate any revenue in either year.
Last week, Alba said it had carried out an operational review of its mining assets and oil & gas investments to determine those assets with the greatest potential to achieve material returns for the company within the shortest timeframe. These were determined to be the Clogau gold project in Wales, the Amitsoq graphite and Thule Black Sands ilmenite projects, both in Greenland, and the Horse Hill oil project in southern England.
"Our focus will be on deploying the company's funds towards fast-tracking those of our mining assets that can most quickly move into the development and production phases, as that is where Alba will be able to make significant returns for shareholders, with cash-flow generated either from production or, if the right opportunity arises, by selling an asset for a multiple of our total exploration spend," said Executive Chair George Frangeskides.
"With our priorities so defined, Alba shareholders can expect to see plenty of progress in the coming weeks and months," added Frangeskides.
Alba shares were trading 4.1% higher in London on Friday at 0.18 pence each.
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