African Minerals Ltd said its pre-tax losses narrowed in the first half and announced on Friday an increase in resource estimates at the Tonkolili iron ore project in Sierra Leone.
It said the Tonkolili project contains an estimated 5.1 billion tonnes of iron ore and that drilling on the northern section of the licence area indicates the potential to increase the iron ore magnetite resource to about 10 bilion tonnes.
The AIM-listed company said it believes Tonkolil is the world's third-largest magnetite iron ore resource.
The group's losses narrowed to $5.1 million from $11.4 million on a significant drop in the cost of sales.
Source: Reuters
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