Shree Minerals battling on

by admin on July 14th, 2018

filed under 苏州美甲美睫培训学校

Stalled Circular Head miner Shree Minerals Limited is still talking about future production after posting a $1.15 million loss.

Shree’s 2015-16 after tax loss came in what its annual report described as “very difficult and challenging times”.

Shree put its Nelson Bay River iron ore mine on care and maintenance in mid-2014 after prices collapsed.

It said it had net assets of $1.54 million on June 30.

Wealthy businessman and now-chairman Rajesh Bothra pumped $2.8 million into Shree via a share placement earlier this year.

Environmentalists suspect Mr Bothra did the deal to set Shree up for closure and use the losses for a tax offset, rather than resume mining.

However, Shree’s annual report said: “Steps have been taken to conserve the resources as well as reduce cash costs while having the necessary preparedness to respond to (an) improving price cycle when it emanates.”

“The company believes the long-term demandfor the commodity remains robust due to growing urbanisation of theglobal population, particularly in China.”

Shree’s annual loss was much less than its $10.7 million loss for 2014-15.

It said it shipped 29,283 tonnes of inventory in August.

Shree has foreshadowed a three-stage development at the mine, starting with the existing open cut operation for direct shipping ore.

A second stage would involve continuation of mining to the north, with athird stage involving open cut mining of a deep magnetite ore body.

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