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-IGE Resources loss deepens in Q2 after withdrawal from Angola project.

NORDIC BUSINESS REPORT-August 25, 2011--IGE Resources loss deepens in Q2 after withdrawal from Angola project(C)2011 M2 COMMUNICATIONS

25 August 2011 - Sweden-based miner IGE Resources AB (OSL:IGE) said today that against the background of the company's withdrawal from its Angola diamond project, net loss in the second quarter of 2011 turned out to be higher than the prior-year figure.

The write-off on the Angola project, which amounted to SEK23.2m, pressed the company's net loss to SEK41.8m in the second quarter of 2011 from SEK28.4m a year earlier.

Second-quarter LBITDA expanded to SEK21.5m from SEK17.1m.

Revenue declined to SEK900,000 from SEK6.3m a year earlier.

In the course of the second quarter of 2011, IGE abandoned plans to launch the initial public offering (IPO) of its subsidiary Nickel Mountain Resources due to unfavourable market conditions.

(EUR1 = SEK9.1)

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Publication:Nordic Business Report
Article Type:Financial report
Geographic Code:6ANGO
Date:Aug 25, 2011
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