LONDON (Alliance News) - Mineral & Financial Investments Ltd Wednesday said it expects to make its first strategic investment before the end of the year, remaining committed to its strategy of investing in, financing and advising junior mining companies.
Mineral & Financial Investments, which is seeking to provide capital to companies with attractive mineral assets it thinks can progress to production, said it made a GBP311,000 net profit in the six months ended June 30, compared with a GBP649,000 net loss in the corresponding period last year.
While net losses on disposal of investments widened to GBP489,000 from GBP274,000, the company saw a GBP884,000 uplift in the fair value of its investments compared with a GBP254,000 downward move in the corresponding period last year. Operating expenses fell to GBP80,000 from GBP109,000.
The company reported GBP636,000 in cash at the end of June.
Mineral & Financial shares were Wednesday trading down 7.7% at 5.07 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Mineral & Fin (MAFL)