28th Mar 2019 11:53
LONDON (Alliance News) - Ironveld PLC on Thursday reported a broadly flat interim loss, as it continued to focus on securing a take-off partner for its South African project.
The company, which owns a vanadium and titanium project in South Africa, posted a pretax loss of GBP254,000 for the six months to the end of 2018, compared with GBP243,000 pretax loss a year ago.
The marginal increase was due to administrative costs rising to GBP257,000 from GBP236,000.
The company did not generate any revenue from sales in either half-year period. Investment revenue remained flat at GBP3,000.
"The company has made significant progress towards securing a long term off-take agreement and is encouraged by the status of current discussions and the interest from potential development partners," Chief Executive Officer Peter Cox said.
He added: "We have a vast resource of high purity iron, vanadium and titanium in situ at the project, all three of which have strong demand markets, and we are hopeful that we can capitalise on the increasing demand for these high value materials through a commercial agreement."
Ironveld shares were trading down 2.6% at 1.85 pence each.
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