30th Sep 2015 13:03
LONDON (Alliance News) - Premier African Minerals Ltd on Wednesday said it swung to a pretax loss in the first half as it worked to ramp up operations at the RHA Tungsten project in Zimbabwe.
Premier African's pretax loss for the half year to the end of June was USD2.2 million, compared to a USD1.1 million profit a year earlier when it booked an exceptional gain from the sale of its stake in a joint venture. It did not generate any revenue in the first half.
Premier African said mine construction and installation of the plant at the RHA tungsten project was completed in June, and production has now started. It said the next key step will be moving towards profitability and a reliance on its own resources.
It expects the first ore deliveries at the plant to start in October and said it intends to move to profitability in the fourth quarter.
Shares in Premier African were flat at 1.1755 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Premier African Minerals