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Africa-focused mining project investor Armadale Capital posted a modest half-year profit after it made foreign exchange gains on an overseas operation.
Pre-tax profit for the six months through June amounted to £24k, compared to a loss of £225k on-year.
'The first half of 2019 has seen us increasingly demonstrate Armadales transition from explorer to emerging miner,' director Nick Johansen said.
'At the centre of this has been the development of our wholly-owned Mahenge Liandu graphite project towards production via the advancement of the definitive feasibility study.'
'Upon completion, we expect the study to confirm the compelling economics of the project, which has an net present value, per the 2018 scoping study, of $349m and an internal rate of return of 122%.'
At 1:16pm: (LON:ACP) Armadale Capital PLC share price was -0.1p at 1.58p