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Wednesday, May 02, 2007

Sierra Leone FY pretax loss widens; but says production on steady level for '07

LONDON (Thomson Financial) - AIM-listed Sierra Leone Diamond Company Ltd said full-year pretax loss widened to 6.82 mln usd from 5.52 mln usd, but added that a 26 mln usd investment in alluvial operations in 2006 created the foundation to increase production to a steady level in 2007.

It said it invested in alluvial operations for a processing capacity of two mln tonnes of gravel a year and a mining fleet with capacity to move 18 mln tonnes of material a year.

It added that early stage iron ore exploration results on the Tonkolili and Marampa projects have been 'encouraging'.

The company posted revenues for the full year to Dec 31 of 1.07 mln usd against nil last year.

It said cash at bank and short-term deposits as on Dec 31 stood at 23.6 mln usd.

Link to Sierra Leone FY pretax loss widens; but says production on steady level for '07 - Forbes.com