4th Mar 2014 13:02
LONDON (Alliance News) - Ferrex PLC Tuesday said its pretax loss widened in its full year 2013 as it develops toward first production at its African operations.
The exploration and development company, with iron ore and manganese deposits in Africa, said its pretax loss widened to USD1.7 million from USD1.5 million the previous year.
The company is yet to produce any revenues so the loss was made up of administrative expenses as the company develops operations at three key projects during the period.
At the company's Mebaga direct shipping ore Iron Ore project in Gabon, it defined an exploration target of 90 million to 150 million tonnes during the period at 35% to 65% iron.
Ferrex plans geological mapping and a drill programme at Mebaga during 2014.
The company also increased the resource at its Nayega Manganese project in Togo to 11 million tonnes at 13% manganese during the period and is now completing work towards a Definitive Feasibility Study at the site in 2014 after submitting its mining licence application in October 2012.
Ferrex upgraded its exploration target at its Malelane Iron Ore Project in South Africa to 1.6 billion to 2.0 billion tonnes, with pre-feasibility work on environmental, social and labour studies currently underway.
Ferrex has raised GBP2.2 million in February 2013 and a further GBP700,000 just after the year end to help develop the three assets.
Ferrex shares were down 0.8% to 1.84 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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