31st Dec 2015 07:48
LONDON (Alliance News) - URU Metals Ltd on Thursday reported a widened pretax loss in the first half of its financial year but said it believes the future is positive in what has been a challenging time for the mining industry.
The exploration and development company said its pretax loss in the six months ended September 30 widened to USD1.1 million from USD477,000 in the same period the year before, during what it called a "very difficult" time for the mineral industry. The widened loss resulted from the write-off of USD890,000 in intangible assets in the recent half.
"Despite the challenging environment, 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," Chairman David Subotic said in a statement.
"The company maintains its core strategy to develop uranium and nickel assets, as there is a growing supply gap in the uranium market that cannot be filled by current and future planned production, and the board anticipates growing demand and price appreciation for uranium and nickel in the short to medium term," he added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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