Jangada Mines Expects Busy Six Months As First Half Loss Widens

19th Mar 2018 11:45

LONDON (Alliance News) - Jangada Mines PLC on Monday reported a widened loss for its first half, in which it completed its London float, as it advanced the Pedra Branca project in Brazil.

For the six months to December, Jangada posted a pretax loss of USD781,000 compared to a loss of USD76,000 in the same period a year earlier.

The company, whose main focus is the Pedra Branca platinum group metals project in Ceara state in north-eastern Brazil, joined London's AIM market at the end of June last year, raising GBP2.3 million in its initial public offering.

During the period, Jangada upgraded its Pedra Branca resource estimate, which now includes 23.1 million tonnes of ore in the measured, indicated, and inferred categories, containing 109 million pounds of nickel and 23 million pounds of copper at grades of 0.21% nickel and 0.04% copper.

Jangada said this will off-set platinum group metal production costs and accrue profitability upside at no extra cost.

Executive Chairman Brian McMaster said there are "multiple value upside triggers" ahead, including a flowsheet and a pre-feasibility study, and as such he anticipates "significant" news flow in the next six months.

Shares in Jangada were down 7.9% on Monday at 4.33 pence each.

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