Altona Rare Earths plc reported higher losses in 2020 reflecting an increase in the companies’ move towards its new focus on rare earths elements (REEs).
For the six months ended 31 December 2020, the company recorded losses of £119,000 (H1 2019: £78,000).
The group had total liabilities of £536,000 at 31 December 2020 (H1 2019: £377,000), comprising a bank loan and overdraft facility of £68,000 and the remainder relating to the deferred salaries.
During the period under review, the company entered into heads of agreement to acquire interests in Ugandan Nankoma and Malawian Chambe projects, as well as a memorandum of understanding on the Monte Muambe project in Mozambique.
Altona was also granted an exploration licence for the Ugandan Nankoma REEs project.
The company, which last year traded under its previous name of Altona Energy plc, also completed its first placing to raise £140,000 and appointed a new chairman and geologist to the board.
OUTLOOK
Altona said that, through the three mining assets it was working towards acquiring, it would be excellently positioned to take advantage of the rising need for new sources of rare earths elements.