UK-based iron ore mining-focused investment company International Mining & Infrastructure Corporation (IMIC) has announced that for the first half ending December 31 of the financial year 2013-14 it has reported a net profit of $4.1 million, reflecting a non-cash profit in connection with the accounting treatment of certain aspects of the acquisition of the British mineral exploration and development company Afferro Mining. In the same period of the previous financial year, the company had recorded a net loss of $2 million.
In the first half of the current financial year, the company's operating loss widened to $10.4 million, compared to an operating loss of $2.4 million in the corresponding period of the previous financial year.
"Having completed the acquisition of Afferro in December 2013, we now have high quality iron ore assets in Cameroon. We are also fast-tracking production at Ntem iron ore project, an exciting prospect with the potential to deliver early revenues owing to its proximity to the Cameroon coast," said Haresh Kanabar, IMIC's chairman.