(Alliance News) - Mineral & Financial Investments Ltd on Wednesday reported a higher net asset value, as it looks forward to Luca Mining Corp's Tahuehueto mine in Mexico coming into full production.
The natural resources sector-focused investment company said net asset value climbed 17% to 25.8 pence per share as at December 31 from 22.0p a year prior.
Mineral & Financial shares jumped 21% to 11.75 pence early on Wednesday afternoon in London.
"Our precious metal position has increased by 57.5%, as we have categorised our recent Luca Mining investment as a precious metal investment," the company said. "Until Luca's Tahuehueto mine comes into full production in the next 3 months, it is still more of a base metal mine. We will in future reports find a more accurate way of reflecting our investments by metal category.
"Our base metal investments have increased due to the increased valuation of our Redcorp Investments resulting from the Put Agreement we have with our project partner."
By Tom Budszus, Alliance News slot editor
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Mineral & Fin (MAFL)