27th Nov 2015 09:09
LONDON (Alliance News) - Anglesey Mining PLC Friday said it remains positive of a recovery within the resources sector in a "sensible time frame", although it warned its short- to medium-term outlook remains "somewhat unclear", as it reported a narrowed pretax loss for its first half.
Anglesey is a mining exploration and development company with assets in Sweden, North Wales in the UK, and Canada.
For the half year to end-September, Anglesey Mining reported a pretax loss of GBP135,949, narrowed from a pretax loss of GBP878,908 a year before. This was primarily as a result of an GBP692,702 impairment in the previous period.
It did not post revenue in either period.
Anglesey Mining said that it is certain in the longer term that the demand-to-supply balance will need to be restored, and commodity prices will need to return to a level at which ongoing production at a "reasonable profit" is sustainable. It continues to view zinc as one of the earliest commodities to benefit from this recovery.
"While the current situation is dark and indeed the future is uncertain, Anglesey remains positive that a recovery will occur within a sensible time frame. We will maintain our assets in good standing to permit us take the fullest advantage of the inevitable, and I thank all shareholders for their patience during these difficult times," said Chairman John Kearney in a statement.
Shares in Anglesey were down 23% at 1.15 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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