25th Sep 2014 10:13
LONDON (Alliance News) - Alexander Mining PLC Thursday reported a narrowed loss for the first half of the year, as it booked an inducement fee for the use of its AmmLeach metals processing technology.
The mining and mineral processing technology company reported a net loss of GBP439,000 for the six months to end-June, narrower than the GBP728,000 loss it reported a year earlier, as costs remained about flat, but it booked GBP320,000 of revenue, compared with just GBP6,000 a year ago.
Alexander Mining had signed a deal with commodity hedge fund Ebullio Group, which was in talks about acquiring Red Crescent Resources, a mining group with base metals assets in Turkey. It was envisaged that these Turkish assets would see the first commercial adoption of Alexander's leaching technology.
However, Ebullio terminated the takeover deal in April, which meant discussions regarding the licence agreement between Ebullio and Alexander also came to a close. However, Alexander retained the non-refundable cash payments totaling GBP400,000. Ebullio and Alexander are still exploring possibilities of working together in the future.
Alexander Mining shares were up 2.9% at 2.70 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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