29th Mar 2022 05:59
Altona Rare Earths PLC - mining exploration company focused on projects in Africa - Widens pretax loss to GBP418,000 in the half year ended December 31 from GBP120,000 the previous year. Increases total assets at December 31 to GBP1.2 million from GBP457,000 year-on-year. Post-period end, Altona says initial assay results from the Monte Muambe project in Mozambique have shown "significant" resource potential. Company also terminates the Chambe project in Malawi after it fails to meet investment criteria.
Chief Executive Christian Taylor-Wilkinson says: "The strengthening long-term outlook for Rare Earth Elements metals supports our strategy of investing in known Rare Earth Elements assets and prospecting new targets across Southern and East Africa. We are pleased to be able to report success with our initial exploration programme, while also reviewing a number of new acquisition opportunities. We look forward to making more progress in 2022 and, in due course, updating the market with further operational news as well as on progress with our move to a Standard LSE listing."
Current stock price: 9.86 pence
12-month change: down 18%
By Heather Rydings; [email protected]
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