23rd Dec 2016 09:23
LONDON (Alliance News) - Commodities exploration and development company Uru Metals Ltd said Friday it booked a narrowed loss for the first half of its financial year, as it prepares to begin work on its nickel project in South Africa.
Uru booked a pretax loss of USD201,000 for the six months ended September 30, narrowed from USD1.1 million for the same period in 2015. The company currently generates no revenue.
As at September 30, Uru had intangible assets worth USD2.9 million, unchanged from March 31, while its cash position declined to USD368,000 from USD484,000.
Uru said over the period it made "no significant progress" on its Zebediela nickel project in South Africa, but noted post-period it raised GBP740,000 in a share placing, the proceeds of which will be used for a work programme.
The programme is scheduled to begin in January 2017 and establish an update mineral resource estimate at the site.
"Uru continues to believe that the long-term fundamentals of the base minerals industries remain positive and will be working hard in the coming year to unlock the value of our projects for our shareholders. The company maintains its core strategy to develop its nickel assets, as the board anticipates growing demand and price appreciation for nickel in the short to medium term," said David Subotic, chairman of Uru Metals.
Shares in Uru Metals were flat at 0.575 pence Friday.
By Adam Clark; [email protected]
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