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Savannah Resources losses deepen on Oman impairment charge
StockMarketWire.com
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Mining group Savannah Resources posted a deeper first-half loss after it booked an impairment on the sale of assets in Oman.
Net losses for the six months through June amounted to £6.5 million, compared to losses of £2.0 million year-on-year, and included a £5.5 million impairment on the Oman assets.
Losses from continuing operations narrowed to £1.06 million, compared to losses of £1.88 million, as the company cut costs.
Savannah Resources is developing the Mina do Barroso lithium project in Portugal and the Mutamba mineral sands project in Mozambique.
'We will continue to manage and adapt our businesses in light of developments in the Covid-19 situation in each country in which we operate,' chairman Matthew King said.
'There remains much work to realise Mina do Barroso's potential of becoming the first significant supplier of lithium raw material to Europe's rapidly developing battery value chain.'
'However as I have outlined, our long-held convictions about the dynamics of this market have now been reinforced by notable shifts in sentiment by industry and politicians as well as the general public.'
' Additionally, the new strategy for Mutamba will help to clarify the future development path for that project which should then allow for its true value as one of the world's largest undeveloped mineral sands projects to be better appreciated by the market.'
At 9:25am: (LON:SAV) Savannah Resources share price was 0p at 2.5p
Story provided by StockMarketWire.com
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