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LONDON (Alliance News) - Bushveld Minerals Ltd on Monday reported a narrowed loss in the first half of its financial year, as a fall in administrative expenses more than offset lower investment income.
The mineral development company, which has a portfolio of vanadium-and titanium bearing iron ore, tin and coal assets in Southern Africa and Madagascar, said it made a GBP864,439 loss before and after tax in the six months ended August 31, narrowing from the GBP1.5 million loss reported the prior year. Bushveld recorded no revenue in either period.
Administrative expenses fell to GBP954,555 from GBP1.7 million, while investment income fell to GBP90,116 from GBP202,892.
The company said it focused on progressing its projects in the half, highlighting its Mokopane vanadium project in Limpopo Province, South Africa.
Meanwhile, Bushveld said that a GBP2.6 million convertible debt facility from Darwin Strategic, which was used to finance a takeover bid in May for the shares in Lemur Resources Ltd the company didn't already own, has been amended to allow for potential acquisitions.
Under the revised terms, the maturity date of the facility has been extended to February 29.
Bushveld has agreed to place an amount equal to the principal of the facility plus the interest accrued to date, being a total of GBP2.8 million, in an escrow account. Interest will continue to be payable at a rate of 1.5% per month and the conversion price remains 7 pence per share.
Shares in Bushveld were up 2.2% at 3.19 pence on Monday.
"The market environment remains difficult with many commodities trading at historically low prices. In these circumstances, Bushveld benefits from its diversified, scalable portfolio of quality assets housed in commodity-focused platforms with clear and present development strategies. Our projects enjoy relatively low cost-curve positions and capex requirements, and offer options to target near-term production and cash generation," Chief Executive Fortune Mojapelo said in a statement.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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