2nd Dec 2015 08:35
LONDON (Alliance News) - Asa Resource Group PLC Wednesday said its subsidiary, Bindura Nickel Corp, swung to a substantial loss in the first half of its financial year as revenue fell by over 55%.
Asa Resource Group holds a 74.7% stake in Bindura, which owns and operates the Shangani and Trojan nickel mines in Zimbabwe. The Shangani mine remains on care and maintenance with Trojan still producing. Bindura also owns the Hunters Road pre-development nickel project and a smelting and refinery complex.
In the six months ended September 30, Bindura reported a loss after tax of USD3.4 million, swinging from a USD8.5 million profit as revenue plummeted to only USD20.6 million from USD46.4 million.
Asa said it will publish its own results for the six months ended September 30, which will include the results from Bindura Nickel Corp, on December 11.
Asa shares were up 4.0% to 0.390 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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