Alba shares down as losses persist

The price of shares in AIM-listed exploration and development firm Alba Minerals Resources (LON:ALBA) has dropped by 5.59% to 0.16p (as of 14:40 BST) as it reported a broadly flat loss after tax for the six months ended 31st May. The company is continuing to develop a number of sites in the UK, Ireland, and Greenland.

Executive chairman George Frangeskides commented: “The focus of our recent operational review was on determining those assets with the greatest potential to achieve material returns for Alba within the shortest timeframe. The outcome of the review is that those assets currently are Clogau, Amitsoq, TBS and Horse Hill.

“After the excellent results we have announced at Clogau at regular intervals over the past 12 months, it should come as no surprise that Clogau will remain a key focus of the business moving forward.

“The other asset within our portfolio that has the shortest likely timeline to commercial production is Horse Hill. We have made a large investment in the Weald Basin in the past four years but, going forward, we may well adopt more of a watching brief over our investment as Horse Hill approaches commercial production.

“Our focus will be on deploying the Company’s funds towards fast-tracking those of our mining assets that can most quickly move into the development and production phases, as that is where Alba will be able to make significant returns for shareholders, with cash-flow generated either from production or, if the right opportunity arises, by selling an asset for a multiple of our total exploration spend“.