(Alliance News) - Ironveld PLC on Wednesday announced a widened loss but some operational progress in its latest year.
Shares in Ironveld fell 17% to 0.18 pence each in London on Wednesday afternoon.
The South Africa-focused mining company delivered GBP103,000 in revenue for the year that ended on June 30, up from no revenue the year before.
However, Ironveld also reported a pretax loss of GBP1.2 million for the period, widened from the prior year's GBP811,000 loss. Administrative expenses increased 64% to GBP1.3 million from GBP798,000.
During the year, Ironveld noted that mining activities commenced at its Rustenberg smelter following refurbishments, "marking Ironveld's first steps from development to production".
Ironveld added that initial production was achieved at smelter, but the expected ramp-up was delayed later in 2023 due to operational challenges and modifications.
While the smelter has not yet met expectations, Ironveld said that early next year it expects to close a significant financing deal which should provide the necessary funding to improve operations there.
By Emma Curzon, Alliance News reporter
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Ironveld (IRON)