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‘Optimism’ at Sula after interim loss increases

By Robert Tyerman | Friday 3 July 2015

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Nick Warrell, chief executive officer of West Africa-focused Sula Iron & Gold (SULA), declares the company ‘looks forward to the remainder of 2015 with optimism’, after losses up 30% to £890,000 in the six months to March, amid encouraging exploration indications for coltan (tantalite), as it awaits gold trenching results from its Ferensola project in Sierra Leone. Sula, which floated on AIM three years ago at 6p and lost a reduced £1.4 million in the year to last September, has seen its shares wither to 1.5p, between a 12-month high of 2.9p and a 0.8p low, amid gloomy iron ore and gold markets, but Warrell, a former Welsh gold mine owner and an honorary Paramount Chief of the local Dinga tribe, insists ‘the company remains on track.’

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