24th Feb 2014 12:14
LONDON (Alliance News) - Wolf Minerals Ltd Monday said its pretax loss narrowed in its first half as foreign exchange gains offset lower revenues and higher administrative expenses.
The specialty metals exploration and development company said its pretax loss narrowed to AUD1.3 million for the six months ending the 2013 calendar year from AUD2.5 million in the same period during 2012, despite a 44% fall in revenues to AUD23,305 from AUD41,850 the previous year.
The company said it also increased its administrative expenses to AUD571,616 from AUD320,375, but these losses were offset by a AUD1.2 million foreign exchange gain as the Australian dollar declined against the pound and US dollar over the past year.
The news comes weeks after Wolf Minerals authorised its contractor to start the construction of its Hemerdon tungsten and tin project in the southwest of England, setting it on a timetable for commissioning and first production in mid-2015.
The construction is being carried out by GR Engineering Services Ltd. Wolf Minerals is paying GBP75 million over two years for the design, build and commissioning of the plant, which is expected to produce 3 million tonnes of metal a year.
Wolf Minerals shares were up 6.5% to 24.75 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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