1st Oct 2019 13:18
(Alliance News) - Mine development firm Uru Metals Ltd said Monday its annual loss deepened amid significant impairments, whilst it continued to progress its flagship nickel project in South Africa.
For the year ended March, pretax loss deepened to USD2.3 million from USD862,000 the year prior. This was after the firm booked USD1.6 million in exceptional costs during the period, related to the impairment of its shares in Management Resource Solutions PLC and its interest in the Burgersfort project in South Africa.
Uru did not generate any revenue in either years.
"Excellent progress has been made at our flagship Zebediela project, and the technical team are confident in their ability to prove up the strike length of the recently discovered nickel-copper-platinum group elements mineralisation at Zebediela, and develop the project into a world class Ni-PGE project," Uru Chair Jay Vieira said.
The Zebediela project is in South Africa.
"The past financial year has been a fruitful year for Uru, with achievements in fulfilling investment strategies," Vieira added. "We are now well positioned to take advantage of potential positive movements in the nickel market."
Shares in Uru were 18% lower at 222.50 pence in London on Tuesday.
By Ahren Lester; [email protected]
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