Ironveld FY losses widen
By Iain Gilbert
Date: Thursday 29 Dec 2022
(Sharecast News) - Iron ore mining firm Ironveld posted a widened annual loss on Thursday but stated it expects to see production and sales "increase rapidly" in the 2023 trading year.
Ironveld said it recorded a pre-tax loss of £800,000 in the 12 months ended 30 June, expanding from the £500,000 loss a year earlier.
The AIM-listed group also said it has now commenced mining activities and that its newly acquired smelter will shortly be processing ore following the refurbishment of the first of what will be three operating furnaces.
Ironveld noted the majority of capital expenditure required for its entire Rustenburg smelter project had now been spent. However, it also stated there was still further work to complete before the smelter can operate at planned full capacity in mid-2023.
"The group will need to carefully balance its cashflow consumed in operations against sales revenues received in order to complete this planned work," said Ironveld, which expects first revenues from its products in "early 2023".
As of 0930 GMT, Ironveld shares were down 4.42% at 0.27p.
Reporting by Iain Gilbert at Sharecast.com
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