URU Metals H1 losses widen

Exploration and development firm Uru Metals said on Wednesday that first-half losses had widened as a result of higher costs and the settlement of debts.

Uru posted a total loss of $1.63m for the six months ended September, significantly wider than the $230,000 recorded during the same period a year earlier, as administrative expenses rose to $302,000 and the group recognised a loss of $1.5m due to the settlement of certain debts.

Losses per share widened by a whole dollar to $1.34 each.

Cash balances increased from $66,000 to $223,000.

Chairman Jay Vieira said: "URU continues to believe that the long-term fundamentals of the base minerals industries remain positive and will be working hard in the coming year to unlock the value of our projects for our shareholders.

"The company maintains its core strategy to develop its nickel assets, as the Board anticipates growing demand and price appreciation for nickel in the short to medium term."

As of 1105 GMT, URU shares had sunk 11.96% to 202.50p.