20th Aug 2015 07:35
LONDON (Alliance News) - FinnAust Mining PLC Thursday said its pretax loss narrowed in the last financial year as it continues to explore its three projects in Finland.
The miner, which generates very little in revenue, reported a GBP561,381 pretax loss in the year ended June 30, narrowing from the GBP2.4 million loss reported a year earlier.
The loss narrowed as administrative expenses fell to GBP563,340 from GBP1.2 million and because the company booked a GBP1.2 million impairment in the last financial year which was not repeated.
"I am confident that my vision of growth, which leverages both existing and newly identified assets, will be well received by the market and rewarded once implemented," said Interim Chief Executive Roderick McIllree.
FinnAust is currently focused on three copper, zinc and nickel projects in Finland and Austria. FinnAust is exploring its Kelkka and Outokumpu projects in Finland and preparing a future exploration programme for the assets.
"Our focus going forward will be on furthering our understanding of the resource potential of our three Finnish licence areas. We are currently finalising our next phase of exploration; initial activity will focus on Outokumpu and will include mapping, sampling and reinterpretation of new geophysical data," it said.
In Austria, the company is seeking a way to monetise its 80% stake in the in the Mitterberg copper project.
FinnAust shares were trading flat at 1.12 pence per share on Thursday morning, after falling to an all-time low on Monday of 1.05 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
FAM.L