Anglesey Mining posts a net loss of ã3.2m for the six months to the end of September - down from ã7.4m a year ago.

The group says almost ã3m of its first half loss was in respect of its holding in Labrador Iron Mines.

Administration expenses were slightly reduced.

The group has no revenues from the operation of its properties.

At the period end the cash resources of the group were ã0.4m (31 March 2013 - ã0.7m).

Chairman John Kearney said: "The half year to the end of September 2013 has been difficult for the group and particularly for the investment in Labrador Iron Mines (LIM).

"For the six months ended 30 September 2013, LIM sold six shipments of iron ore totalling 980,000 dry tonnes and expects to achieve its target for the production and sale of 1.7 million wet tonnes for the year.

"However the quality of that product was below expectations, largely because of lower grade encountered in the deeper part of the James mine, and the net revenue received was negatively impacted, despite the improvement in iron ore prices. At the same time LIM's operating costs continued at higher levels than anticipated. The result was a very large loss reported by LIM.

"Now that LIM is treated as an investment this loss does not directly impact the group's accounts. However the LIM share price had declined at the period end and that fall in price is now reflected as a loss in our income statement. The increase in value of sterling against the Canadian dollar over the period has added further to this loss."




At 8:08am: (LON:AYM) Anglesey Mining PLC share price was -0.25p at 4.13p