LONDON (Alliance News) - Tertiary Minerals PLC on Tuesday reported a narrowed loss for the first half of 2018 financial year due to absence of impairment charges and gains on disposal of investments.
In the half year ended March 31, the company's pretax loss amounted to GBP133,539, compared with a pretax loss of GBP211,850 recorded in the year prior. Revenue dropped to GBP110,554 from GBP134,885.
The mineral exploration company managed to narrow its loss by disposing of an investment for GBP37,263. Loss was also improved by a lack of impairments in the last half, compared with a GBP55,987 impairment charge in the first half of 2017 financial year.
First half loss per share narrowed to 0.04 pence from 0.08p.
Tertiary Minerals said it is currently negotiating a possible acquisition.
"One project opportunity is currently being taken forward through early due diligence and negotiations with the current owners. There is no guarantee that the acquisition will proceed at this stage," said Chairman Patrick Cheetham.
Cheetham also drew attention to a memorandum of understanding it has signed with Possehl Erzkontor GmbH & Co that could see Possehl committing to purchase a minimum of 70% of Tertiary Minerals' commercial grade acid-spar.
"This memorandum of understanding, whilst non-binding, paves the way for a definitive sales and purchase agreement for fluorspar from the company's projects and, importantly, extends to the provision of pre-financing for commercial production and lends support to the company's ambitions," said Cheetham.
Shares in Tertiary Minerals were were up 1.6% at 1.60p each on Tuesday afternoon.
Tertiary Minerals (TYM)