3rd Jun 2015 08:38
LONDON (Alliance News) - Ferrex PLC Wednesday posted a narrowed pretax loss for its first half as it continued to focus on advancing its Nayega Mn Project in Togo, and said it remains confident a mining permit for the project will be issued in the coming months.
Ferrex is an AIM-listed manganese development and iron ore exploration company focused in Africa.
For the half year to end-March, the company posted a pretax loss of GBP659,000, narrowed slightly from GBP745,000 a year before, due to lower administrative and exploration expenses. It is not yet revenue producing.
During the half year the company further advanced its definitive feasibility study at Nayega, exploring the viability of a 250,000 tonne per year 38% manganese product operation. This study was completed following the year end in May.
The company expects the mining permit to be issued soon after the formation of a new government in Togo now that the presidential elections are complete. It is in talks with "several parties" over funding the capital costs for construction of the Nayega mine, and it expects due diligence evaluation and field visits in the second half.
"We look forward to reporting good news in the next period - grant of the Nayega Mining Permit, funding secured for development and a definite timeline to construction," the company said in a statement.
Shares in Ferrex were unchanged at 0.65 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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