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Ironveld losses widen

By BFN News | 07:58 AM | Wednesday 29 March, 2017

Pre-tax losses at Ironveld rose to £385,000 in the six months to the end of December - up from £318,000 last time. The group had cash balances of £413,000 at the period end (H1 2015: £648,000). Chief executive Peter Cox said: "This period saw the company make important progress. "Through the completion of a successful placing and securing the IDC's commitment to fund approximately US$17.9 million of the project finance, the company exited the period in a position of strength. "The focus for the next financial year is to make further headway with the project, securing the remaining finance and beginning construction of the smelter. "This is an exciting time for the company as we seek to become a producer of three high value and high demand commodities. "It is encouraging to see the macro economic environment shifting towards a supportive position given the market's more optimistic view of demand for commodities in 2017." Story provided by

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