Phoenix Global Mining Narrows Loss After Prior-Year IPO Expenses

LONDON (Alliance News) - Phoenix Global Mining Ltd on Wednesday said its loss narrowed in the ...

Alliance News 19 September, 2018 | 12:31PM
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LONDON (Alliance News) - Phoenix Global Mining Ltd on Wednesday said its loss narrowed in the first half of 2018 due to listing expenses the prior year.

In the six months to June 30, the mining exploration company's pretax loss slimmed to USD679,817 from USD727,790. This was the result of USD301,837 in exceptional costs recorded the prior year relating to its initial public offering on AIM in London.

Phoenix Global Mining is not revenue producing as it continues its base and precious metals exploration in North America.

Marcus Edwards-Jones, who chairs the company, said 2018 has been a "frustrating year for 'risk-on' assets" for investors, and mining in particular. Nonetheless, he maintained a confident outlook.

"The sabre-rattling between the global trading heavyweights and subsequent weakness in the copper and cobalt prices will hopefully be short-lived, and the strong fundamentals will reassert themselves," said Edwards-Jones.

The company intends to list in the US, saying that recent changes to the distribution system for analyst research in UK have impeded its communication with investors.

"We hope that our impending New York OTCQX listing will enable us to reach a wider audience, and bring north American investors onto our register," Edwards-Jones commented.

Shares in Phoenix Global Mining were untraded at 33.50 pence on Wednesday.

By Anna Farley; annafarley@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Phoenix Global Mining Ltd Registered Shs 28.25 GBX -7.38 -
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