7th Aug 2014 11:40
LONDON (Alliance News) - Sirius Minerals PLC Thursday said its pretax loss narrowed in its last financial year, due to a reduction in administrative expenses.
The company, which is primarily focused on developing a potash mine near York, said its pretax loss narrowed to GBP10.1 million in the twelve months ended March 31, from a loss of GBP14.6 million during the previous year.
The company, which is yet to produce any revenue, said administrative expenses fell to GBP9.1 million, from GBP15.2 million.
During the period, Sirius Minerals increased its JORC compliant mineral resource at the York Potash site to 2.66 billion tonnes of 85.7% grade polyhalite and an upgraded 820 million tonnes of polyhalite at an average grade of 87.3% to the indicated category of resources.
Last week, Sirius said it was revising its strategy for its planning application for the site, following discussions with local authorities.
It has agreed the revision with the North York Moors National Park Authority, and will now include its planning application for its transport system with the planning application for the mine. Its application for a materials handling facility will be submitted separately, it added.
The York Potash project, which will produce polyhalite for fertilisers, has current scope for a 12 million tonnes a year operation over two construction phases, with the first phase a 5 million tonnes a year operation. It currently plans to deliver first production in mid-2018.
The company's year-end cash and cash equivalents totaled GBP48.4 million.
Sirius Minerals shares were down 0.6% to 10.94 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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