LONDON (Alliance News) - Pembridge Resources PLC, a mining focussed acquisition company, on Monday reported a narrowed pretax loss for 2017 mainly due absence of impairment charges.
For 2017, the company reported a pretax loss of USD1.9 million, compared with a pretax loss of GBP3.8 million in the year ago period. No revenue was generated in either financial periods.
Administrative expenses totalled USD1.8 million versus USD744,000 a year ago. The company did not record any impairment charges in 2017 against a GBP3.2 million accounted a year ago.
"Since the start of the year, Pembridge announced its first acquisition, agreeing to buy the Minto Mine in Canada," said Chairman Frank McAllister.
"This marks a transformational opportunity for Pembridge and fulfils the company's goals of acquiring a producing and profitable mining operation. The Minto Mine will be the Company's primary asset and we look forward to working with the Selkirk First Nation, Yukon Government and the significant established workforce," McAllister added.
Shares in Pembridge Resources are currently suspended.