LONDON (Alliance News) - Ferrex PLC Monday said its pretax loss narrowed slightly in its first-half as administrative and exploration costs fell at the company as it continues to progress the development of its assets.
The exploration and development company, with iron ore and manganese deposits in Africa, said its pretax loss narrowed to GBP745,000 for the six months ended March 31 from GBP783,000 the previous year.
Ferrex, which is yet to produce any revenues said its entire losses during both periods were made up of administrative and exploration expenses.
The company currently has three advanced development projects in Gabon, Togo and South Africa but the company has faced some delays which led to slower-than-expected development of its assets during 2013.
Ferrex said it is working to achieve the development of each of its projects over the coming months, including being granted a mining licence at the Nayega Manganese site in Togo, for which an application was submitted in October 2012, and the completion of a major binding term sheet deal with Anglo American PLC and Kumba Iron Ore Ltd for the funding of development at its Mebaga Direct Shipping Ore Iron Ore project in Gabon.
Ferrex shares were down 4.5% to 1.77 pence on Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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