Alexander Mining reduces FY loss, encouraged by prospects

Alexander Mining has reduced its full-year pre-tax loss and said it was encouraged by the better conditions for the mining sector and the company's prospects for the commercialisation of its Leaching Technologies.

"We still firmly believe that the scope for major operating and capital cost savings for existing and potential mines using our technology is of significant industry interest," said executive chairman Matt Sutcliffe.

He said that mining companies, wherever possible, still needed to improve metal extraction recoveries and reduce operating costs.

"When coupled with the inherent positive environmental credentials, we believe our Leaching Technology is an attractive processing method for many mining operations with amenable ore when compared to conventional processes," he said.

Sutcliff added that the initiative in lithium recovery research and development offered a complementary area of interest to Alexander Mining's existing intellectual property portfolio.

For the year to 31 December 2016, the company posted a loss before tax of £583,000, from a loss of £849,000. Administrative expenses and R&D expenses were lower in 2016, from 2015.

At 12:25 BST, shares in Alexander Mining were flat at 0.14p each.