29th Mar 2021 14:25
Jangada Mines PLC - natural resources company operating in South America - Posts 2020 pretax loss of USD2.3 million, widened 44% from USD1.6 million as in 2019. Swings to total comprehensive profit of USD3.9 million from a loss of USD1.7 million. This is partially due to incurring a 2020 operating loss from continuing operations of USD1.6 million, unchanged from 2019, as it advances the Pitombeiras vanadium project in Ceara State, Brazil. Jangada posts no revenue as it continues to develop its projects in South America.
Jangada has changed its accounting period to December 31 from June 30, to align its financial year with its Brazilian subsidiary VTF Miceracao Ltda.
"The group has thankfully seen its inherent value significantly increase from its value in 2019 because of our successful exploration programme and project development initiatives," says Jangada.
Looking ahead, Jangada says: "With a portfolio of assets and investments that support the drive towards greater sustainability, Jangada is well placed to contribute to the world's needs without compromising the ability of future generations to meet their own needs."
Current stock price: 8.64 pence; up 3.6% on Monday afternoon
Year-to-date change: up 86%
By Zoe Wickens; [email protected]
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