Full-year losses widened at International Mining & Infrastructure Corporation (IMIC) after its staffing bill rose and it was hit by 1.3m pounds of transaction costs relating to its takeover of Afferro Mining.
IMIC reported a full-year loss of £6.1m compared with a loss of £1.6m in the previous year. Its administration costs rose to £1.8m from £680,281 after it hired new staff and spent more on professional fees and travel expenses.
But its cash balance had risen to £30m at the end of June after the company secured funding towards its purchase of junior iron ore miner Afferro by raising money through a number of unsecured bonds and convertible bonds. The deal is close to completion.
The company is still in its early years. It was set up in 2010 and aims to unlock value in the metals and mining industry in West and Central Africa through improvements in infrastructure.
Haresh Kanabar, IMIC's Chairman, said:"We are close to completing the acquisition of Afferro Mining, which will transform IMIC into the owner of high quality iron ore assets in Cameroon, including the Nkout Iron Ore Project.
"During the coming months we expect to finalise our plans for the development of Nkout whilst also beginning the implementation of the infrastructure solution to transport iron ore from Nkout to the coast."
Wealth management group Brooks MacDonald said it had made a good start to the year after lifting discretionary funds under management by 5.2 per cent in three months.
The AIM-listed wealth management group said they rose to £5.37bn at the end of September compared with £5.1bn at the end of June thanks to a £102m lift from investment performance and after winning £170m of net new business over the quarter.
Chief Executive Chris Macdonald said: "We are particularly pleased to report that Brooks Macdonald International achieved strong growth in discretionary funds under management in the quarter in line with our expectation that it would stat to grow this year following its integration."
Polyus Gold has suffered a decline in sales in the first nine months of the year despite record production from its flagship mine Olimpiada.
Russia's biggest gold producer produced 1.2m ounces of refined gold in the first nine months of the year, marking a 6% increase on the same period a year ago.
Production at its Olimpiada mine was up 9%, while gold output at its Titimukhta and Verninskoye sites grew rapidly.
However, the value of its gold sales fell 9% to $1.7bn after a 15% decline in realised gold prices
to 1,431 per ounce. The decline in realised gold prices has accelerated to a 25% fall in the third quarter to 1,328 per ounce.
The company confirmed it expected to produce between 1.59 and 1.68m ounces this year.