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LONDON (Alliance News) - Bluejay Mining PLC on Monday reported a significantly widened loss in 2018 but expects the next couple of years to be "transformational".
In 2018, the Greenland focused titanium miner reported a pretax loss of GBP10.8 million compared to GBP2.7 million in 2017.
The company's administrative expenses decreased to GBP1.8 million from GBP2.1 million the year before.
The large loss was attributed to a GBP8.9 million impairment in 2018 compared to GBP643,168 in 2017. The impairment was related to the company's exploration assets in Finland.
"This has been another positive period for Bluejay Mining, as we continue to advance the development of our portfolio, in particular our flagship asset, the Dundas ilmenite project in Greenland, which continues to go from strength to strength. Importantly, we have achieved a number of significant milestones since my last report, all focussed on advancing Dundas towards the granting of an exploitation licence to facilitate production as soon as practicable," said Chair Mike Hutchinson.
Hutchinson said he was looking forward to a "transformational" 2019 for Bluejay.
"Dundas is a confirmed world class project - it is a high-grade, defined and scalable deposit with a low capex simple processing route, in a strategic and supportive jurisdiction. This potential has been recognised by the Greenlandic authorities and Government who have consistently demonstrated their support for Bluejay and for this we are sincerely grateful," Hutchinson added.
Shares in Bluejay Mining closed down 5.5% Monday at 8.38 pence each.
