Canada-based mining company Altius Minerals Corporation (Altius) has announced its financial results for the three months ended October 31, 2012, posting a net loss of C$2.88 million compared to a net loss of C$2.86 million for the same period last year.
In the given period, Altius' revenue decreased to C$1.58 million, down 3.36 percent compared to the corresponding period of the previous year.
In spite of the ongoing decline in the equity markets and in valuations of companies focusing on iron ore, Altius remains encouraged by the potential of its initiated projects in the Labrador West iron ore mining district, and the projects of its Canadian subsidiary Alderon. According to Altius, Alderon is well financed as a result of the recent private placement and the anticipated additional investment of $119.9 million by Chinese steelmaker Hebei Iron and Steel Group to acquire a 25 percent direct interest in Alderon's Kami iron ore project.