Losses rise at Anglesey's 26%-owned LIM
20th June 2012
Anglesey Mining's 26%-owned associate Labrador Iron Mines Holdings has posted a loss of $14.7m for the year to the end of March.
This is up from $4.0m last time with the increase primarily due to transportation related start-up costs of approximately $9.6m.
LIM had current assets of $105.5m including $71.1m in unrestricted cash and cash equivalents, and an additional $8.9m in restricted cash.
LIM had working capital of $60.6m and no debt.
LIM president and chief operating officer Rod Cooper said: " "Given the strong start and progress made to date, we fully expect to achieve our two million tonne production target in 2012"
At 1:13pm: (LON:AYM) Anglesey Mining share price was +0.13p at 13.63p
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