26th Feb 2016 10:13
LONDON (Alliance News) - Sierra Leone-focused gold, iron and coltan exploration company Sula Iron & Gold PLC on Friday said its pretax loss widened in its last financial year as it booked higher administrative costs.
Sula said its pretax loss was GBP1.8 million for the year to the end of September, compared to GBP1.4 million a year earlier, broadly in line with a rise in administrative expenses. Revenue for the group was insubstantial both years.
The group's focus is on the Ferensola iron ore project, where initial exploration activity has indicated high concentrations of coltan in the project area. It has now completed a diamond drill programme at the project and will continue progressing the project in the current financial year.
Coltan is an ore from which nobium and tantalum are extracted. These are used in metal alloys.
"Our targets for 2016 are set, with the securing of a suitable joint venture partner for the Ferensola gold project firmly at the top of that list," said Chief Executive Nick Warrell.
Sula shares were up 6.7% to 0.24 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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