Mining company BMR Group (LON:BMR) saw shares fall over 15 percent in early trading on Friday, after disclosing a larger loss than expected for the six months to December 31st.
The loss for the period included administrative expenses of £617,000, up from £550,000 over the previous period. Loss per ordinary share was 0.40 pence.
However investment in several new projects, including the Ester Project in Northern Portugal, meant total net assets rose throughout the period to £11.03 million. This followed additions of £465,000 to property, plant and equipment as we commenced construction of the Plant and of £505,000 to intangible assets.
Looking forward, the company said they expect production at their mine in Kabwe to begin by the end of 2017. However, they added that whilst “We are focused on achieving this timescale but shareholders should be aware that this will be largely dependent upon the supply chain dynamics, timely financing from the drawdowns from the loan facility we have secured and planned commissioning by ZEMA.”
BMR Group engaged in the exploration and mining of lead and zinc from their mine at Kabwe, which occupies approximately three square kilometers and is situated south of Kabwe town in central-Southern Africa.
Shares in BMR are currently trading down 16.90 percent at 6.03 (0913GMT).