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LONDON (Alliance News) - URU Metals Ltd shares dropped on Wednesday after it said its loss widened in the first half of 2015 after it booked some impairments and had higher costs as it continues its transition into the uranium market.
URU shares were down 24% to 0.550 pence per share on Wednesday.
The multi-commodity exploration company reported a net loss of USD1.1 million in the year ended March 31, widening from the USD571,000 loss a year earlier after administrative costs and impairments rose in the period.
"The past financial year has continued to be very difficult for the mining industry. However, URU has been able to take advantage of the challenging operating environment to re-organise our company and increase our interest in quality asset for your future benefit," said the company.
URU Metals has been restructuring the company since 2013, and is now targeting the uranium sector which led to it acquiring the Nueltin and Närke projects, both in Sweden. It also acquired the Zebediela project and Burgersfort projects in South Africa.
That led the company to exit from its uranium assets in Niger, as they were not considered as prospective as the newly acquired assets.
Moving forward, the company does not intend to carry out any further work on Nueltin. It is waiting for the licences at the Narke project to be renewed as they expired in September and at the Zebediela project and Burgersfort projects, the company will investigate the oxide and sulphide zones which will outline the next stage of work.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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