LONDON (Alliance News) - Spanish-focused gold and tungsten explorer Aurum Mining PLC Tuesday posted a narrowed loss for 2014 due to lower costs, and the company said it will continue to review and appraise opportunities.
The company posted a pretax loss of GBP317,000 for 2014, narrowed from a pretax loss of GBP478,000 a year before, as a result of lower administrative costs. The company did not post revenue in either period.
Last November, at the time of Aurum's interim results, it said it was in the process of changing its strategy in response to "very challenging market conditions" in the junior natural resource sector. Aurum said it looked at a number of potential opportunities during the remainder of the year, and noted that the "key is to find a deal that will give the company a sustainable and long-term future, freeing the Company from being a victim of the structural change occurring in the junior mining market."
Following the year end in April 2014 29% shareholder David Williams agreed to take up the position of Chairman at the company.
"Shareholders in AIM listed junior mining companies have faced a long period of falling valuations and increased dilution, and with no end in sight for the ongoing downturn, the board feels that this change in strategy is unquestionably the right thing for the company to do, and with David at the helm, the company will continue to review and appraise opportunities that have the potential to help Aurum complete its transformation," Aurum said in a statement.
Shares in Aurum are untraded Tuesday morning. It last closed at 1.15 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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