27th Feb 2019 17:39
LONDON (Alliance News) - Natural resources company Jangada Mines PLC said its loss narrowed slightly in the first half of its year due to a lack of finance expense.
Jangada's pretax loss totalled GBP764,000 for the six months to December 31, down 2.2% from GBP781,000. This was due largely to finance expense, which fell to nothing from GBP163,000 the year before.
Administration expenses, meanwhile, rose to GBP764,000 from GBP594,000. Jangada also reported no project costs, after project costs of GBP24,000 in 2017.
The company posted no revenue as it continues to develop its projects in South America, including the Pedra Branca platinum group metals and nickel project and the Ptombeiras West vanadium project.
During 2018 the company secured GBP2.1 million of funding for its bankable feasibility study at Pedra Branca.
"We remain focused on advancing and expanding the breadth of the exciting Pedra Branca project and further strengthening its already robust economics. The BFS is the next major milestone, which we are on track to deliver in second quarter 2019, alongside other value-driving activities in the coming months. I am confident that we have the right team to maintain the high level of activity needed to achieve this and would like to thank both them, and our shareholders for their continued support," said Executive Chair Brian McMaster.
Shares in Jangada closed down 2.6% at 2.58 pence on Wednesday.
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