2nd May 2014 11:55
LONDON (Alliance News) - Alexander Mining PLC Friday reported a drop in revenues, but narrowed its losses in 2013 on the back of lower finance costs and other operating costs, however the group warned that it needs to raise addition funds within the next 12 months to continue its operations.
Alexander Mining said that based on its budgets and cash flow forecasts, it will need to raise finance within the next twelve months in order to continue its operations and to meet its commitments.
The mining and mineral processing technology company reported a pretax loss of GBP1.4 million in 2013, compared with a pretax loss of GBP1.5 million in 2012. It said it narrowed its losses on the back of lower research and development costs, as well as slightly lower administrative expenses.
Revenues for the year fell to GBP26,000, down from GBP29,000 the prior year.
The company said last month that Ebullio Group terminated its takeover deal of Red Crescent Resources Ltd in Turkey.
Prior to that, it had been completing technical test work on a bulk sample provided from the Sivas copper, Tufanbeyli and Hakkari zinc properties in Turkey, which form part of the assets of Red Crescent.
Ebullio Group originally signed a conditional agreement to acquire all of the assets of Red Crescent, which was scheduled for completion on March 26, as it planned to build a low cost plant using Alexander Mining's Ammleach technology to process ore from the Red Crescent Resources zinc properties and to support high quality zinc cathode into the Turkish market.
However, Alexander Mining said last month that Ebullio Group terminated its agreement to acquire all of the assets in Turkey of Red Crescent Resources.
Alexander Mining shares were up 0.4% at 3.89 pence per share Friday early afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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