28th Mar 2014 10:30
LONDON (Alliance News) - Beacon Hill Resources Friday said its pretax loss narrowed in its full-year 2013 as revenues doubled and costs fell during the period.
The steel and coal production company, operating the Minas Moatize mine in Mozambique, said its pretax loss narrowed to USD18.9 million from USD45.1 million in 2012 as revenues more than doubled to USD2.4 million from USD1.1 million, as proceeds from the sale of coal to African markets increased.
Beacon Hill said its direct costs fell 57% to USD6.6 million from USD15.3 million and its administrative costs fell 14% to USD8.4 million from USD9.8 million.
The company added that its impairment charges fell to USD2.0 million from USD20.5 million, based on a reduction in the carrying value of its Changara project.
Beacon Hill noted that since the end of 2013 it has received a USD20 million debt facility offer for the expansion its washplant at Minas Moatize to a 2.8 million tonnes per year run of mine capacity and it has appointed Adrian Bock as its new Chief Financial Officer with immediate effect.
The company said the debt facility deal remains subject to a number of pre-conditions, but if successful, the company will drawdown the facility in the second-half to achieve commercial production of coal and exports from the expanded facility in the second-half 2015 after a period of ramp-up and commissioning.
Beacon Hill shares were down 2.4% to 0.600 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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