BMR losses increase 21%. Firm still not revenue making, but hopeful for the future
Companies: BMR Group
Mining small-cap BMR Group fell 21% early on Friday after the firm reported wider losses in H1 after administrative costs increased across the company.
The AIM-listed firm said it made a pre-tax loss of £700k in the six months to 31 December, a 21% rise on the £550k loss made in the first half of last year, blaming higher administrative costs, expenses, and lower finance income.
According to BMR's financials on Digital Look, the company still doesn't make any revenue, but the firm stressed on Friday that it was pleased with progress at the Kabwe Mine in Zambia, with the plant there hoping to be fully commissioned by the end of the year.
In an RNS, the firm said it was focused on achieving plant at Kabwe on time, but warned shareholders that it is dependent on supply-chain dynamics and financing:
"We are encouraged by the prospects for the potential recovery from the tailings of vanadium and production of vanadium pentoxide which could generate a lucrative return in due course. We also have exciting prospects with the exploration programme on the Kashitu section at Kabwe, the Star Zinc acquisition and the further sampling and exploration programme at the Ester project," BMR added.|