Shares in Berkeley Mineral Resources (BMR) fell almost 6% in early trading on Monday before recovering slightly, after the company disappointed investors with its vagueness.
Pre-tax losses for the year to 30 June totalled £1.25 million, down from £1.45 million in the prior year and in-line with management expectations.
The AIM-listed mining tailings processing company said during the year its wholly-owned Zambian-registered subsidiary Enviro Processing had acquired significant resources of lead, zinc and copper tailings.
At the Kabwe Project in Zambia, the tailings of zinc and lead secured at Kabwe are estimated to comprise 6.3 million tonnes of resource containing an estimated 708,000 tonnes of the two metals plus other valuable minerals.
BMR said Joint Ore Reserves Committee (JORC) compliant tonnage is estimated to run to 3.2 million tonnes containing 436,000 tonnes of metal.
But investors lamented the lack of timeframes for production.
In the preliminary results statement BMR’s chairman, Masoud Alikhani, said: “Having secured considerable resources of zinc, lead and copper, we are now looking to commence production at Kabwe shortly. We expect that initial production will be copper cement from copper oxide with processing of the other material following.
“We now look forward to 2014 as the year our operations culminate in the successful commencement of production.”
[Interactive Investor Trading Limited]