LONDON (Alliance News) - FinnAust Mining PLC Monday said its pretax loss narrowed in the first half of its financial year as costs fell and the company did not record any impairment charges, as it continues to focus on its Finnish projects.
The Finland and Austria-based miner reported a pretax loss of GBP375,609 in the six months ended December 31, much narrower than the GBP1.5 million loss reported in the same period a year earlier. The loss narrowed as administrative costs fell to GBP311,812 from GBP583,808 and because the company recorded a USD886,805 impairment in 2013 that was not repeated.
Cash at the end of December stood at GBP1.8 million, representing a small increase from 2013.
The company is currently focused on its Finnish projects; Hammaslathi, Outukumpu, Enonkoski and the Kelkka nickel project. The company is currently evaluating drilling results from Hammaslathi, collecting primary data from Outukumpu and said it will begin drill testing Kelkka soon.
"Exploration work at Hammaslahti continues to return mineralisation in both new and existing lodes. The challenge is to identify the best portions of these lodes to create block models of mineralisation that could, in the future, form a resource and reserve. Exploration at the Kelkka Nickel Project has only recently begun but very encouraging mineralisation has been intersected and if high-grade ore bodies exist then we are confident our exploration team will locate them," said Executive Director Alastair Clayton.
Its Mitterberg project in Austria is currently on the backburner, and FinnAust said it continues "to seek the best way of maximising value".
FinnAust shares were untraded on Monday, last trading at 1.80 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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