17th Sep 2014 09:47
LONDON (Alliance News) - Sable Mining Africa Ltd Wednesday reported a wider pretax loss for its last financial year as it further wrote down the value of its coal assets in Zimbabwe
It said the writedown was necessitated because it is now focusing on its Nimba iron ore project in Republic of Guinea, which it acquired in February 2012.
The company reported a pretax loss of USD36.6 million for the year to March 31, wider than the USD31.7 million loss it reported in the previous 12 months, as total impairments rose to USD31.5 million, from USD18.6 million. The company isn't currently earning any revenue. Its operating expenses dropped to USD8.6 million, from USD12.9 million.
Sable Mining shares were down 2.1% at 3.82 pence Wednesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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