1st May 2014 12:48
LONDON (Alliance News) - Minco PLC recorded a USD2.4 million loss for the full-year as the firm was hit by a number of charges and currency headwinds.
During the year to December 31, 2013, the firm recorded a USD2.4 million loss, including a USD250,00 foreign exchange loss, a change in fair value of financial assets of USD308,000, an impairment charge on receivables of USD865,000 and an income tax under provision from the prior year of USD314,000.
Minco said its investments costs during the year came to USD3.2 million in exploration and development expenditures, and USD4.4 million in acquisitions.
In a letter to shareholders Thursday, Minco said it is evaluating the Plymouth manganese deposit at Woodstock, New Brunswick for the production of electrolytic manganese metal, which is primarily used in the production of stainless steel, specialty steels and high-purity alloys.
Looking ahead the company said it remains in a strong cash position and is adequately financed to meet its planned 2014 programs and business objectives, enabling Minco to continue to pursue investment and acquisition opportunities, at a time when "the financing market for junior resource companies is closed tight."
Shares in Minco last traded at 2.075 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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