29th Jun 2020 13:30
(Alliance News) - Pembridge Resources PLC on Monday said its annual loss widened due to production costs, as it acquired and restarted the Minto copper-gold-silver mine.
Shares in Pembridge were down 26% at 3.25 pence in London in afternoon trading.
The mining company, which has an investment in the Minto mine in Yukon, Canada, reported a USD13.1 million pretax loss for 2019, substantially widened from a USD3.8 million loss the year before.
Revenue from contracts with customers was USD12.4 million, with no revenue reported for 2018. However, this was more than offset by USD14.7 million of production costs compared to none the prior year.
On top of this, the firm recorded depreciation and amortisation of USD3.5 million versus nothing the previous year.
Chief Executive Officer & Chair Gati Al-Jebouri said: "The financial results for 2019 reflect the investment made and costs incurred to acquire and restart the Minto mine. Having achieved this successfully, I am pleased that we are in a position to face the challenges in front of us as well as grow the business. Although showing a loss for 2019, it is encouraging to be able to show the company generating revenues from operations in the consolidated financial statements."
By Anna Farley; [email protected]
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