Metals X Ltd reported a net loss of A$2.73 million in the year to June 30, compared to a A$22.63 million loss in the previous financial year. Revenues for the year increased sharply to A$33.9 million as a result of the build up to full production at the company’s Collingwood tin mine in Queensland and the consolidation of royalty income from several nickel properties. The company generated an operating surplus of A$5.5 million before depreciation and amortisation.
Managing Director, Peter Cook said “In the past 12 months we have re-established the company as a diversified mineral explorer and developer with substantial exposure to base and precious metals. Our major metal exposures are to nickel and tin through our world class Wingellina nickel limonite deposit and our status as Australia’s largest tin producer. We have significant growth plans in tin with the anticipated re-commencement of our Tasmanian tin strategy which aims to see the company become a top 10 world producer of the metal and one of the very few Western-world listed tin producers.”
During the last year the company has also acquired interests in companies with lead-zinc, copper, gold and uranium projects
