Alba Mineral Resources plc, the diversified mineral exploration and development company, is pleased to report the Company's interim results for the six months ended 31 May 2019.
Executive Chairman George Frangeskides’ outlook following the Company’s operational review of its mining and oil & gas assets:
"The focus of our recent operational review was on determining those assets with the greatest potential to achieve material returns for Alba within the shortest timeframe. The outcome of the review is that those assets currently are Clogau, Amitsoq, TBS and Horse Hill.
"After the excellent results we have announced at Clogau at regular intervals over the past 12 months, it should come as no surprise that Clogau will remain a key focus of the business moving forward.
"The other asset within our portfolio that has the shortest likely timeline to commercial production is Horse Hill. We have made a large investment in the Weald Basin in the past four years but, going forward, we may well adopt more of a watching brief over our investment as Horse Hill approaches commercial production.
"Our focus will be on deploying the Company's funds towards fast-tracking those of our mining assets that can most quickly move into the development and production phases, as that is where Alba will be able to make significant returns for shareholders, with cash-flow generated either from production or, if the right opportunity arises, by selling an asset for a multiple of our total exploration spend.
"With that in mind, we have also ranked TBS and Amitsoq as key assets. We will use the next six months to refine the likely products and markets for the high-grade ilmenite from TBS and the high-grade graphite from Amitsoq. At the same time, we will be seeking an appropriate joint venture partner to invest in our Greenland assets, which will help us to de-risk our Greenland portfolio, while retaining material upside from future success.
"I believe the course of action identified in our operational review to be the best means to deliver real value for shareholders in the near to medium term. With our priorities so defined, Alba shareholders can expect to see plenty of progress in the coming weeks and months."