27th Mar 2014 15:16
LONDON (Alliance News) - Ironveld PLC Thursday posted a widened pretax loss as administrative expenses rose in the half-year ended December 31, 2013.
The company, formerly known as Mercury Recycling Group, is a pig iron developer located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa.
It posted a pretax loss of GBP394,000, widened from a pretax loss GBP127,000 in the previous year, as administrative expenses rose to GBP354 million from GBP223,000. In the previous year the company posted a GBP97,000 gain on an acquisition that did not recur.
The company is not yet revenue producing.
During the period the company has focused on de-risking its Ironveld Project. Following the receipt of positive results from its pilot plan smelter campaign, the company commenced a marketing campaign to draw interest to its product. Ironveld said that it was continuing discussions with a number of interested parties.
It is making good progress towards the completion of its definitive feasibility study for initial smelter, which it plans to commission in 2015.
During the period it also sold its non-core subsidiary Mercury Recycling Ltd for GBP1.6 million to Environmental Safeguard Ltd.
Ironveld said that its progress during 2013 meant it was well positioned to move into the second half of the financial year.
Shares in Ironveld were trading down 3.7% at 9.75 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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