Rainbow Rare Earths booked a deeper annual loss after it experienced output disruptions and wrote down the value of its assets. Pre-tax losses for the year through June amounted to $12.1m, compared to losses of $2.5m on-year, and included a $3.1m impairment charge. Revenue rose to $1.5m, up from $1.0m, but was more than offset at an operating level by production costs. Chief executive George Bennett said the company had a 'tough' year. 'However, while production was challenging, it would be more correct to characterise our operating methods in the year as trial mining,' he said. 'We have been able to learn a lot about our project in the year, and are now adapting the way we operate, and while we will continue the trial mining at Gakara, we are moving to a more mechanised, efficient operation.' At 9:08am: (LON:RBW) Rainbow Rare Earths Ltd share price was -0.2p at 2.75p
Sign up to our
Subscribe to the latest investing news by entering your email address below
You can opt out at any time.
For five days a week you will get
- The latest company news
- Insight into investment trends
- Round-up of director's buys and sells
- Articles from Shares magazine
Plus more useful investment content and occasional promotional offers.
UK 350 Risers and Fallers
Tweets not available.