Canada-based mining company Altius Minerals Corporation (Altius) has announced its financial results for the three months ended July 31, 2012, posting a net loss of C$2.85 million compared to a net loss of C$1.58 million for the same period last year.
In the given period, Altius' revenue decreased to C$1.3 million, down 38 percent compared to the corresponding period of the previous year. The company stated that the current year results were affected primarily by the losses in the share of associates, decreased royalty revenue, and a general decline in the market value of investments.
According to Altius' statement, significant progress on its wholly owned and partner-funded project interests continued during the period, particularly in the Labrador West iron ore mining district.