5th Dec 2019 11:41
(Alliance News) - Jangada Mines PLC on Thursday said it is "well positioned" to develop its existing project as annual losses remained in line with the prior year.
The natural resources company reported a pretax loss of USD1.6 million for the year to the end of June, broadly flat compared to the prior year. Jangada did not generate any revenue in either year.
The company explained that, during the year, it has refocused its operations, dedicating team and further resources to the development of Pitombeiras vanadium project in Brazil.
Looking ahead, Jangada said work planned at Pitombeiras includes further drilling and metallurgical work, with preliminary economic assessment underway and expected to be completed in late first-quarter of 2020.
"The board believes the company is an attractive proposition following the sale of Pedra Branca and the refocus on Pitombeiras. With a healthy balance sheet following the sale, the company is well positioned to develop this exciting project," said Executive Chair Brian McMaster.
The stock was trading 0.6% lower in London on Thursday at 1.74 pence a share.
By Evelina Grecenko; [email protected]
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