31st May 2018 11:27
LONDON (Alliance News) - Bluejay Mining PLC on Thursday posted a loss for its last eighteen-month period as it looks to start production at its high-grade ilmenite project in Greenland in 2019.
For the 18 months to December, the exploration company reported a pretax loss of GBP2.7 million, compared to GBP620,059 for the 12 months to June 2016. The wider loss includes items such as listing costs, impairments, and professional fees.
The company has changed its reporting year-end from June to December, hence the 18-month report. During the period, in March last year, it also changed its name to Bluejay from FinnAust.
As it is an exploration company, Bluejay did not post any revenue.
The company said it is convinced its product from the Dundas ilmenite project in Greenland will be "highly sought after" due to its high grade and and size.
"Our focus is to commence mining at Dundas in 2019 and establish Bluejay as a highly profitable production company," the company said.
Bluejay shares were down 2.0% at 23.04 pence each on Thursday morning.
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