29 December 2020 | 09:29am
StockMarketWire.com - Mining company Ironveld reported wider annual losses on higher costs.
For the 12 months ended 30 June 2020, pre-tax losses widened to £1.0 million from £625,000 year-on-year as administrative expenses increased to £695,000 from £629,000.
Looking ahead, the company said it had re-engaged in discussions with a number of parties - following the recent lapse of the option agreement with IIG - and expected secure alternative funding in 2021.
'The recently completed placing gives us a strengthened financial base from which to negotiate an alternative project funding transaction and we are focused on delivering this in 2021,' the company said.
'Following approval of the share placing on 14 December 2020 and further rationalisation of the Company's cost base in both South Africa and the UK, the group's present financial resources and existing facilities are considered sufficient to enable it to operate until the first half of 2022...' it added.