JOHANNESBURG (miningweekly.com) – London-listed Fluormin on Monday reported a loss of £1.3-million during the six months to December 2012 after facing a challenging year.
However, despite cost and operational pressures, the group’s half-year loss was an improvement on the loss of £4.3-million reported in the comparative period in the prior year.
The group reported a basic loss a share of 6.26c from continuing operations during the six months to December 2012, compared with the loss of 19.66c a share in the prior comparative period.
Fluormin generated revenue of £6-million in the half-year under review – a fall from the £10.5-million recorded in the six-month period to December 2011.
The group’s Witkop mine was placed on care and maintenance after facing operational and cost pressures and, globally, the group experienced a significant decline in the price of fluorspar.
However, the group reported strengthening its balance sheet and rationalising the company's operations after selling its Buffalo fluorspar project and its 20% interest in Kenya Fluorspar Company for aggregate considerations of £740 000 and $14-million respectively.