Member Article

Macclesfield’s Tertiary Minerals reports loss of £359k

A Macclesfield-headquartered mining group reports a loss of £359k for the year versus a loss of £451k for 2013.

The financial statements show that, at 30 September 2014, the group had net current assets of £887k against assets in 2013 of £1.3 million.

The Group is currently in the earlier stages of the typical mining development cycle and so has no income other than cost recovery from the management contract with a third party explorer and a small amount of bank interest.

Consequently the Group is not expected to report profits until it disposes of, or is able to profitably develop or otherwise turn to account its exploration and development projects.

The group report that they have gained a permit to explore in Sweden, and have results for their project in Nevada.

Executive Chairman, Patrick Cheetham said: “The Company’s strategic plan is on track.

“I am pleased to be reporting key milestones on our two principal projects in Europe and North America and I look forward to reporting the results of our recent drill programme in Nevada.”

This was posted in Bdaily's Members' News section by Sophia Taha .