LONDON (Alliance News) - Bluejay Mining PLC said on Thursday its interim loss widened as it progressed its Dundas ilmenite project.
The company generated revenue of GBP1,782 in the period compared to nothing a year before, as its pretax loss for the six months to June 30 widened to GBP867,791 from GBP785,377.
The company is focused on progressing its Dundas project, located in Greenland, as offtake discussions with "major players" continue to advance for up to the entire planned initial annual ilmenite production.
"A preliminary economic assessment of the raised beaches at Moriusaq indicate a robust project can be realised and, with recent optimisations now being built into the Dundas Project, I am confident that during the first quarter of 2019 we will deliver an attractive development proposal in the PFS," the company said.
Bluejay's environmental and social impact assessment is expected to complete in the fourth quarter of 2018.
"The last hurdle to production is undoubtedly the grant of our exploitation licence. This application process continues to advance positively, and we continue to enjoy a good relationship with the Government of Greenland and the local community within which we operate, as evidenced by a number of constructive meetings held on site during the 2018 field season," said Chairman Mike Hutchinson.
Shares in Bluejay were up 0.2% at 14.279 pence on Thursday.
Bluejay (JAY)