28th Feb 2014 14:53
LONDON (Alliance News) - Iron ore project developer Beowulf Mining PLC Friday said its loss widened in 2013 as it booked a fair value loss on derivative financial assets, even though administrative expenses fell.
The company, which is trying to develop Iron Ore assets in northern Sweden and has a copper-gold project joint venture in the same country, reported a loss of GBP2.2 million for 2013, compared with a loss of GBP1.3 million in 2012, as it booked a GBP1.1 million fair value loss on derivative financial assets. Its administrative expenses fell to GBP1.1 million, from GBP1.4 million.
It doesn't yet make any revenues.
"We look forward to recommencing our Kallak drilling campaigns and to receiving an initial report from GTK on its pilot scale test work on material extracted during our test mining completed at Kallak North in August. Our additional 3,000 metre drill programme on Ballek is progressing well with 1,050 metres completed to date across the first four holes," Chairman Clive Sinclair-Poulton said in a statement.
He added that the company is well placed to make progress in 2014, with demand for iron ore set to grow in Europe, it principal target market.
Beowulf Mining shares were down 3.9% at 4.495 pence Friday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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