5th Dec 2019 11:57
(Alliance News) - Ironveld PLC on Thursday said its loss widened in its most recently ended financial year as it continues to mull strategic partnership options.
The vanadium project developer said its loss widened in the year to the end of June to GBP625,000 from GBP536,000 a year prior due to an increase in operating expenses.
During the year, Ironveld said it undertook various activities focused on realising the value of its assets and maximising returns for its shareholders, including the completion of a bulk sampling and testing programme.
"This year has seen us pursue multiple routes as we look to maximise the value of our mining assets, whether that be through the commencement of operations or through a sale," said Chief Executive Peter Cox.
He added: "We remain confident in a successful outcome from the strategic review and look forward to providing updates in due course."
In July, Ironveld appointed finnCap to lead a review of the strategic alternatives for Ironveld's mining assets.
The company said it continues to hold discussions with a number of parties interested in potentially making an offer to purchase all or part of its assets and expects either to have secured a strategic financing partner or have concluded its strategic review early in 2020.
Ironveld shares were untraded in London on Thursday midday, last closing at 0.71 pence each.
By Evelina Grecenko; [email protected]
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