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Alexander Mining Loss Broadly Unchanged As Projects Develop

Mon, 01st Oct 2018 18:31

LONDON (Alliance News) - Alexander Mining PLC on Friday said its loss widened only slightly during the first half of the year due to higher research & development costs.

Shares in Alexander Mining closed up 7.35 at 0.12 pence on Monday.

In the six months to June 30, the mining and mineral processing company posted a pretax loss of GBP276,000, only just widening from GBP261,000 as research & development costs increased to GBP103,000 from GBP65,000.

Alexander Mining recorded no revenue for the period as its projects are currently in development. It reduced its administrative expenses to GBP174,000 from GBP196,000.

"The board remains firmly focused in executing its clearly defined business plan at all levels and levering the background and networks of the company's directors and senior employees," said Alexander Mining Non-Executive Chairman Alan Clegg.

"We are also actively reviewing and submitting commercial proposals on several complementary opportunities of interest in the mining sector. However, we continue to remain prudent with regards to the deployment of the company's cash," Clegg added.