Alba Minerals Resources Plc (LON:ALBA), in its interim results, highlighted the Clogau Welsh gold project and the Horse Hill oil project as key assets with the shortest route to success.
The natural resource investment firm recently reviewed its portfolio to identify assets with the best potential for material results within the shortest timeframe.
“After the excellent results we have announced at Clogau at regular intervals over the past 12 months, it should come as no surprise that Clogau will remain a key focus of the business moving forward,” Alba said in its outlook statement.
“The other asset within our portfolio that has the shortest likely timeline to commercial production is Horse Hill.
“We have made a large investment in the Weald Basin in the past four years but, going forward, we may well adopt more of a watching brief over our investment as Horse Hill approaches commercial production.”
The Amitsoq graphite project and the Thule black sands ilmenite project (TBS), both in Greenland, were also noted among the ‘key assets’, and over the next six months the company will refine the likely products and markets for the high-grade ilmenite from TBS and the high-grade graphite from Amitsoq.
The plan is also to establish new joint venture partnerships for the Greenland assets, with the aim of reducing risk whilst retaining material interests in the projects.
Alba added: “Our focus will be on deploying the company's funds towards fast-tracking those of our mining assets that can most quickly move into the development and production phases, as that is where Alba will be able to make significant returns for shareholders, with cash-flow generated either from production or, if the right opportunity arises, by selling an asset for a multiple of our total exploration spend.”
In terms of financial results, the pre-revenue firm reported a £375,970 loss for the six months ended 31 May 2019.