LONDON (ShareCast) - Ferrex said it made 'significant' operational progress in the first six months of its financial year as it continues to build its position as a low-capex iron ore and manganese exploration and development company in Africa.

The pre-tax loss in the half year ended March 31st 2012 widened to £762,000 from £245,000 in the same period the year before.

However it was slightly better than the £880,000 loss reported in the second half of the previous financial year (ended September 30th 2011)

The company is yet to recognise any revenues.

At one of its sites in South Africa, the Malelane iron ore project, maiden resources show the potential to yield three million tonnes per annum of iron ore with a mine life of 16.6 years, Ferrex said.

The company also said it was reviewing acquistion opportunities for further iron ore and manganese deposits primarily in west Africa.

"I am delighted to report on the significant operational progress Ferrex has made during the period as it continues to build the company as a leading low-capex iron ore and manganese exploration and development company in Africa," said Chairman Brian Moritz.

BC

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