Business
Interim Results for the Six Months Ended 31 Dec 18
Interim Results for the Six Months Ended 31 Dec 18.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \nRNS Number : 5189S Mineral & Financial Invest. Limited 12 March 2019 \n\n \nMineral & Financial Investments Limited\n(\"M&FI\" or \"the Company\")\n \nUnaudited Interim Results for the Six Months Ended 31 December 2018\n \nHIGHLIGHTS:\n· Unaudited net earnings for the first 6 months of 2019 period were £722,000 or 2p per share\n· NAV per share at Dec 31, 2018 up 72.5% to an all-time high of 12.5p against the same period last year\n· The Company remains debt free and with a cash balance of £750,000\n· Completed accretive acquisition of TH Crestgate GmbH, which is now a wholly owned subsidiary\n· Doubling of the resource at Redcorp's Lagoa Salgada Zinc project to 20.7Mt[1] with gross Zinc Equivalent metal content +89.5% during the period[2]\n· Board strengthened with the Appointment of Jamie Lesser as Chief Operating Officer \n \nGEORGE TOWN CAYMAN ISLANDS, March 12, 2019 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) (\"M&FI\" or the \"Company\") is very pleased to announce its unaudited interim results for the six months ended 31 December 2018. \nChairman's Statement\nThe Board of Mineral & Financial Investments Ltd. is very pleased to report its unaudited interim results for the first half period ending 31st December 2018. The company generated a profit before tax of £722,000 and a fully diluted EPS gain of 2p per share vs 0.4p per share in the same period last year. The NAV per share increased 73% from 31st December 2017 to 12.54p or £4,392,940 a new all-time high for M&FI. The company retains a cash position of £750,000. The board of directors believes in keeping costs to a minimum and maintaining aligned interests with shareholders.\nContinued NAV growth was in spite of market headwinds particularly from the weak zinc price and their impact on our total 2,052,546 shares in Ascendant Resources, removing 1.96p from our NAV per share. We expected this trend to reverse, with LME Zinc inventories now approaching their lowest point in well over 21years and halving in the last month alone. Since the period end, the zinc price has risen only 10% whilst A...