LONDON (Alliance News) - Alexander Mining PLC Tuesday said its pretax loss widened in the first half of 2015 as it tries to defy the commodity and market downturn by promoting its mining technology that is designed to lower capital and operating costs for miners.
The mining technology company reported a GBP485,000 pretax loss in the first six months of 2015, slightly wider than the GBP439,000 loss a year earlier as the company, which does not generate any revenue, saw a rise in administrative expenses offset lower exploration and evaluation costs.
"Notwithstanding the difficulties in the sector, some positive progress has been made in our commercialisation efforts as Alexander's technologies are attractive in a low metals' price environment due to the significant potential benefits offered from capital and operating cost savings," said Chairman Matt Sutcliffe.
In the half, Alexander signed a non-binding heads of agreement with Compass, an Australian public company for executing a definitive agreement covering an AmmLeach licence and certain technical management services for Compass in the Northern Territory, Australia.
"The final arrangements were dependent upon certain restructuring and other corporate matters with Compass being achieved. This re-structure was approved in early September and we are currently waiting to be informed of Compass' intentions," said the miner.
In April, Alexander reported that it has signed a definitive licence agreement with Ebullio Resources Fund and RCR Quantum Madencilik Ithalat Ihracat Sanayi ve Ticaret Anonim Sirketi for the Sivas copper mineral property in Turkey. That deal is conditional on Ebullio selling some of its equity stake held in RCR Quantum, after which Alexander will grant a licence to RCR Quantum to use its proprietary leaching technologies.
"Although taking longer than expected, we are informed by Ebullio that it is still in active discussions about the RCR Quantum Equity Sale and we await developments with interest," it said.
Alexander shares were down 13% to 0.500 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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