30th Sep 2016 10:25
LONDON (Alliance News) - Sable Mining Africa Ltd on Friday confirmed plans to cancel its AIM listing as it reported a narrowed loss for its financial year to the end of March.
The company announced in mid-September it would look to cancel its listing on AIM in London by October 17. It said the cost of maintaining the listing, together with the legal and regulatory burdens associated with being listed, were not in the best interests of the company.
Once de-listed, Sable intends to "realise maximum value" from its assets in Africa by investing in its projects.
In the year to the end of March, the company focused on progressing its Nimba iron ore project in Guinea and on the Lubu and Lubimbi coal projects in north-western Zimbabwe.
Sable does not generate any revenue and for the year ended March 31 its pretax loss was USD3.1 million, narrowed from USD10.6 million the year before, due to significantly lower impairment charges.
Shares in the company are currently suspended following the resignation of its nominated adviser earlier this month.
By Sam Unsted; [email protected]; @SamUAtAlliance
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