(Alliance News) - Natural resources company Jangada Mines PLC said Tuesday its pretax loss widened, due to its share of losses from its associates, as it continues the development of the Pitombeiras vanadium project in Brazil.
For the six months to the end of December, Jangada's pretax loss widened to USD873,000 from USD701,000 the same period the year before, due to a one-off charge of USD266,000, from the group's share of losses from associates.
Administration expenses, meanwhile, dropped to USD605,000 from USD701,000 the year before. Jangada Mines posted no revenue as it continues to develop its projects in South America.
During the period, the group established the mineral potential of the Pitombeiras project, estimating a JORC exploration target of between 40 million tonnes to 60 million tonnes at 0.3% to 0.6% of vanadium oxide, 40% to 55% iron oxide and 8% to 10% of titanium dioxide.
Looking ahead, Jangada will focus on establishing a JORC-compliant mineral resource estimate for the project.
"We are now focussed on unlocking the inherent value of Pitombeiras for the benefit of all stakeholders. To this end, we have a clear development path thanks to a defined exploration programme. The ramp up of activity at Pitombeiras is undoubtedly timely given the favourable market dynamics that are placing increasing demand on clean energy materials such as vanadium. We look forward to sharing more exploration results in due course," said Executive Chair Brain McMaster.
Shares in Jangada Mines closed 3.4% lower at 1.12 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Jangada Mines (JAN)