Business
Annual Financial Report
Annual Financial Report.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4379G Xtract Resources plc 30 May 2017 \n\n \n \n \n \n \n \n \nFor immediate release\n 30 May 2017\n \nXtract Resources Plc\n(\"Xtract\" or the \"Company\")\nAudited results for the 12 months ended 31 December 2016\n \nThe Board of Xtract Resources Plc (\"Xtract\" or the \"Company\") announces its audited financial results for the 12 months ended 31 December 2016. The 2016 Audited Annual Report and Accounts have been posted to shareholders and is available from the Company's website www.xtractresources.com\n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n \nEnquiries:\n\n\n\n\nXtract Resources Plc\n\n\nColin Bird, Executive Chairman\n\n\n+44 (0) 203 416 6471\n\n\n\n\nBeaumont Cornish (Nominated Adviser)\n\n\nMichael Cornish / Felicity Geidt\n\n\n+44 (0) 207 628 3369\n\n\n\n\n\n\n\nEmail: [email protected]\n\n\n\n\n\n\n\nBeaufort Securities (Broker)\n\n\nJon Belliss\n \n\n\n+44 (0) 207 382 8300\n\n\n\n\n \nFinancial highlights\n \n· Administrative and operating expenses of £1.65m (2015: £1.45m)\n \n· Cash of £0.18m (2015: £3.76m)\n \n· Net loss of £8.94m (2015: £4.58m)\n \n· Net assets of £6.56m (2015: £7.55m)\n \nOperational highlights\n \n· Received final approval from Mozambican mining authority to complete the acquisition of 100% of\n· Manica gold project in Mozambique from Auroch Minerals NL\n \n· Conditional sale and purchase agreement, to sell the Manica gold project for a cash consideration of\n· US$17.5m laspsed in September 2016\n \n· Progressed Manica DFS\n \n· Strategic review of the Chepica mine determined that the fundamentals and risks no longer supported continued investment\n· Board elected not to proceed with the O'Kiep and Carolusberg copper tailings, concluding the recoveries were too low to produce a viable copper concentrate\n \nCorporate highlights\n \n· Appointment of Colin Bird as Executive Chairman\n ...