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Ironveld losses widen

By BFN News | 08:25 AM | Thursday 07 December, 2017

Ironveld's operating losses rose to £553,000 in the year to the end of June - up from £494,000 last time. The losses were due to an increase in administrative expenses. Pre-tax losses of £737,000 were up from £585,000 a year ago. Chief executive Peter Cox said: 'During the Period, we shifted our immediate focus from constructing a 15 MW smelter to securing the acquisition of the Middelburg Smelting facility, to enable early production and allow us to begin selling to offtake partners, generating revenue and cash flow for the Company. 'Although progress has been slower than we hoped, we remain confident in finalising funding arrangements that would allow for the necessary refurbishments to the Smelting Facility to be completed and for smelting and refining of our magnetite ore to commence. 'This is an extremely exciting period for the Company as we transition towards becoming a production led mining company. 'We continue to receive important support from our shareholders and consequently the Company is today in a position of strength with a stable balance sheet. 'We have made further progress post period and look forward to updating shareholders further in due course.' At 8:25am: (LON:IRON) Ironveld Plc share price was +0.25p at 2.38p Story provided by

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