News Column

ITX - Q4 financial results 2013

February 26, 2014

Intex Resources ASA today published its fourth quarter results for 2013. Compared to previous quarters, the operating loss is reduced and the announced cost reductions in excess of 30% on an annual basis are implemented. In addition to the global approach in the realization of Mindoro Nickel, Intex has increased its focus and dialogue with Philippine partners. Finding the right Philippine partner may be a key in realizing the project. Highlights for the fourth quarter and important subsequent events include: -In the final stage of concluding the first phase of the realization plan for the Mindoro Nickel project - still aiming to reach a conclusion in the first quarter of 2014 -Increased focus and dialogue with select Philippine partners for Mindoro Nickel - may be e key going forward -On track with cost reductions in excess of 30 percent for 2014 - the current pace allows for operation throughout Q4 2015 -Still room for further cost reductions if warranted -New and active board in the Philippines - involved in permitting issues such as the reinstatement of the Environmental Compliance Certificate



During the fourth quarter 2013 Intex implemented cost reductions and optimized its activities in the Philippines in order to achieve the targeted cost reductions. In addition to setting the right pace for 2014, the Company has also identified a potential for further cost reductions, which could be implemented if warranted. The operating loss (EBIT) for 2013 was reduced from a loss in 2012 of USD 8.3 million to USD 7.3 million for 2013. For Q4 2013 the operating loss (EBIT) ended at USD 1.4 million (Q4 2012: USD 1.7 million).

For the realization of the Mindoro Nickel project Intex has increased its focus and dialogue with potential Philippine partners. A Philippine partner may be a key going forward, as it might also be a catalyst to further increase the social acceptability of the project and ease permitting issues in general. Late 2013, and in order to strengthen the operations, Intex also appointed new members to the local board in the Philippines. The Company considers this as an important step towards creating a stronger footprint and Philippine perception of the Mindoro Nickel project. As previously stated, various options for the realization of the Mindoro Nickel project are being discussed including earn-in models or a direct sale for the majority of the project or perhaps a combination of both. Intex is also considering a stock exchange listing of the project in Asia. Intex reiterates that it is still aiming to conclude the first phase of the realization plan for the Mindoro Nickel project during the first quarter of 2014. Oslo, 27 February 2014 Henno Grenness CEO Intex Resources ASA For further information, please contact: Intex Resources ASA Munkedamsveien 45F 0250 Oslo, Norway Tel: +47 2311 3344 Fax: +47 2311 3345 Email: vr@intexresources.com About Intex Resources: Intex Resources ASA is a diversified mineral exploration company, based in Oslo, Norway. The company is dedicated to the responsible development of natural resources. Intex's main asset is the world class Mindoro Nickel project, located in Mindoro, The Philippines. More information is available at: www.intexresources.com



Click here for more information: http://www.newsweb.no/index.jsp?messageId=347021


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Oslo Bors Newsfeed


Story Tools