15th Mar 2016 10:01
LONDON (Alliance News) - Ferrum Crescent Ltd Tuesday said its loss was wider in 2015 than the previous year as it looks to progress new near-term opportunities whilst developing its main Moonlight iron-ore project.
The iron ore developer operating in South Africa said its pretax loss widened in 2015 to AUD727,485 from the AUD463,690 loss reported in the previous year despite reducing expenditure.
The main reason the loss was wider in 2015 was because a AUD137,597 profit from the sale of an investment in 2014 was not repeated and because gains on financial instruments dropped to only AUD21,368 in 2015 from AUD327,961 in the previous year.
The gain on foreign exchange also fell in 2015 to AUD71,313 from AUD107,897.
That offset reductions in expenditure during the year, with exploration expenditure falling to AUD143,320 from AUD204,194 and other expenses dropping to AUD659,314 from AUD790,725.
The company's main project is the Moonlight iron-ore project, where it is progressing a bankable feasibility study. Although Ferrum believes Moonlight remains an "important value driver", it has decided to look at how low-cost, near-term production work could boost the company by looking at new projects.
That led the company to acquire an option to get involved in a zinc and lead project in Spain back in February.
Ferrum shares were down 4.0% to 0.120 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Ferrum Crescent