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LONDON (Alliance News) - Jangada Mines PLC said Friday that its annual loss widened as it maintains focus on its Pedra Branca a platinum group metal project.
For the year ended June 30, the natural resources company focusing on the development of the Pedra Branca project in South America, posted pretax loss of USD1.6 million compared to USD1.3 million a year prior.
The widened loss was due to higher administrative expenses, surging to USD1.5 million from USD1.1 million a year ago, while project costs reduced to USD73,000 from USD103,000.
Jangada, described the year as a "particularly productive period" for its flagship project for which over USD35.0 million of exploration work has been completed.
Furthermore, during the year the company secured a GBP2.1 million funding package to advance the project towards a bankable feasibility study.
Chairman Brian McMaster said: "We have established a clear strategy to further develop the project and unlock shareholder value over the coming months. We are now in a position to finance and deliver our work programme for the next period, which will include advancing the project toward a feasibility study, quantifying the value of the nickel sulphide deposit, additional hydrology and metallurgical test work and exploration drilling at our vanadium project.
"We believe Pedra Branca is truly a remarkable multi-commodity asset with strong potential to sustain a highly profitable operation."
Jangada shares were trading down 2.9% at 2.50 pence each.
