Canada-based mining company Altius Minerals Corporation (Altius) has announced its financial results for the three months ended July 31, 2013. The company posted a net loss of C$1.3 million, narrowing down from C$2.85 million in the same period last year, primarily affected by the losses in the share of associates and other investment losses.
In the given period, Altius' revenue decreased to C$256,000, down 66.4 percent compared to the corresponding period of the previous year.
According to Altius' statement, Canada-based Alderon, in which Altius has a 25 percent shareholding, is currently finalizing the permission process for the Kami iron ore project with the goal of commencing construction in late 2013. Alderon continues to seek additional offtake and overall project financing agreements, while it is also finalizing rail and power purchase agreements.
As a result of the ongoing decline in the market-based valuations of mineral-related assets, Altius continues to seek out investment opportunities in the industry.