Jangada Mines losses widen as Pedra Branca investments increase

South America-focussed platinum group Jangada Mines saw ore volumes increase during its last trading year but increased admin costs saw the project developer's annual losses widen.

Jaganda saw losses widen 26.5% to $1.64m as admin costs rose 43% to $1.53m as a result of an increased investment into its Pedra Branca multi-commodity project in the northeast of Brazil.

Global ore volumes increased 50% to 34.5m ounces, coupled with a 28% jump in nickel resources to 140m pounds and an 11% jump in copper resources to 26m pounds.

Jaganda also successfully secured a funding package of £2.1m during the year, enabling it to advance Pedra Branca towards a bankable feasibility study, quantifying the value of the nickel sulphide deposit, additional hydrology and metallurgy test work and exploration drilling at the project.

Chairman Brian McMaster, said: "We have established a clear strategy to further develop the Project and unlock shareholder value over the coming months. We are now in a position to finance and deliver our work programme for the next period."

"We believe Pedra Branca is truly a remarkable multi-commodity asset with strong potential to sustain a highly profitable operation."

Total assets shrunk 79% to $548,000.

As of 1100 GMT, Jangada shares had slid 3.30% to 2.49p.