Beacon Hill Resources Posts Narrower Loss In FY09

April 7th, 2010
Mineral projects explorer Beacon Hill Resources plc Tuesday reported a narrower loss for 2009, helped by lower expenses.
The company's loss attributable to equityholders of the parent entity narrowed to GBP 484,758 or 0.034 pence per share from GBP 1.73 million or 1.987 pence per share in the prior year.
In the first half of 2009, the company's loss attributable to equity holders of the parent was GBP 176,860 or 0.105 pence per share.
Loss from continuing operations in 2009 was 484,758 or 0.034 pence per share, compared to GBP 1.24 million or 1.428 pence per share loss in the previous year.
The Alternative Investment Market listed resource company reported a pre-tax loss of GBP 484,758 in 2009, compared to GBP 1.24 million loss last year.
The company did not have any revenue in 2009. In 2008, revenue from management fees totaled GBP 28,772.
The company's full-year operating loss narrowed to GBP 485,480 from GBP 1.25 million in the previous year. Administrative expenses in 2009 reduced to GBP 485,480 from GBP 1.28 million in 2008.
Beacon Hill had said in January that it, along with Consolidated Mining & Resources (Pty) Ltd, entered into an exclusivity agreement with Borneo Mining SA (Pty) Ltd to acquire Minas Moatize LDA. Minas owns and operates a coal mine in the Tete Province of Mozambique, with an estimated resource of 33 million tonnes of coal.
The company today said the board is encouraged by the progress made towards the completion of the acquisition of Minas.
The company acquired Tasmanian Magnesite NL in October 2009. Through the company's Arthur River and Keith River Projects in north-west Tasmania, Tasmanian Magnesite provides the company direct access to the third largest recorded magnesite deposit in Australia.
In order to commence mining at the Arthur River project, the company had applied for a mining lease in December 2009. However due to an objection the mining lease grant was delayed. Beacon Hill said in late March that the objection was withdrawn. The company now does not expect any additional hurdles before the lease is granted.
Looking ahead, Justin Lewis, chairman of the company, said, ''Beacon Hill now a radically changed group with a defined strategy to acquire and develop assets in commodity groups relating to steel production... The progress made over the past twelve months, in particular in the last six months, towards achieving our objectives has provided us with a solid foundation for future growth, strengthening our burgeoning portfolio of assets with near-term production potential.''