African Minerals post interim after-tax loss
African Minerals posts an interim after-tax loss of $31.5m for the six months to the end of June – up from $5.1m last time. It said the financial performance mainly reflected expenditure on the development of the company’s iron ore assets in Sierra Leone.
Total assets amounted to approximately $599m (2009: $157m). The company had cash and short-term investments of $336m at the end of June (2009: $9.6m).
Executive chairman Frank Timis said African Minerals had made outstanding progress at its flagship Tonkolili iron ore project, establishing an exceptionally strong base from which to develop what it believes will be Africa’s largest iron ore mining operation.
He added: “Support from the Ggvernment of Sierra Leone, strategic partnership with the People’s Republic of China, and the ongoing confidence of our shareholders have enabled African Minerals to initiate its three phase development strategy in order to bring Tonkolili into production by Q4 2011.”
by StockMarketWire.com
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