By Iain Gilbert
Date: Friday 30 Nov 2018
LONDON (ShareCast) - (Sharecast News) - South America-focussed platinum group Jangada Mines saw ore volumes increase during its last trading year but increased admin costs saw the project developer's annual losses widen.
Jaganda saw losses widen 26.5% to $1.64m as admin costs rose 43% to $1.53m as a result of an increased investment into its Pedra Branca multi-commodity project in the northeast of Brazil.
Global ore volumes increased 50% to 34.5m ounces, coupled with a 28% jump in nickel resources to 140m pounds and an 11% jump in copper resources to 26m pounds.
Jaganda also successfully secured a funding package of £2.1m during the year, enabling it to advance Pedra Branca towards a bankable feasibility study, quantifying the value of the nickel sulphide deposit, additional hydrology and metallurgy test work and exploration drilling at the project.
Chairman Brian McMaster, said: "We have established a clear strategy to further develop the Project and unlock shareholder value over the coming months. We are now in a position to finance and deliver our work programme for the next period."
"We believe Pedra Branca is truly a remarkable multi-commodity asset with strong potential to sustain a highly profitable operation."
Total assets shrunk 79% to $548,000.
As of 1100 GMT, Jangada shares had slid 3.30% to 2.49p.
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Currency | UK Pounds |
Share Price | 1.25p |
Change Today | -0.050p |
% Change | -3.85 % |
52 Week High | 3.60 |
52 Week Low | 1.25 |
Volume | 0 |
Shares Issued | 258.60m |
Market Cap | £3.23m |
RiskGrade | 521 |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
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