(Alliance News) - Cadence Minerals PLC on Friday said its loss was very much narrowed in the first half of 2019 after it booked an unrealised profit on assets held for sale.
Natural resource investor Cadence reported a GBP285,000 pretax loss for the six months ended June 30, a fraction of its GBP4.6 million loss the year before.
This was the result of a swing to an unrealised profit on assets held for sale of GBP1.1 million, compared to a GBP3.7 million unrealised loss on assets held for sale the year before.
Cadence in June agreed to invest in and acquire an up to 27% interest in the Amapa iron ore mine in Brazil investing USD6 million in two stages. At the end of August, Cadence's judicial restructuring plan to recover and restart operations at Amapa was approved.
Shares in Cadence were down 2.9% at 8.50 pence in London on Friday morning.
By Anna Farley; annafarley@alliancenews.com
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Cadence Mineral (KDNC)