(MENAFN- ProactiveInvestors - N.America) Brazil- focused manganese development firm Cancana Resources Corp's (CVE:CNY) outlined a busy year in 2015 in which it saw losses fall and production increase.
The firm which has the BMC joint venture (JV) with Ferrometals posted a loss of $2.83mln for the year to end 2015 compared to a loss of $3.88mln for an 11 month period in 2014.
The group made a comprehensive gain of $120675 compared to a loss of $640528 in 2014 - being the company's share of the operations of BMC which was acquired in June 2014.
General expenses were $1.6mln for the year ended December 31 2015 compared to $2.3mln for the 11 months to the end of 2014.
Total annual production last year was 17037 tonnes of manganese mineral product at an average grade of 50.7% manganese with the Rio Madeira plant producing 12996 tonnes compared to historical averages of 11500 tonnes the firm told the results statemen.
Much of this (82%) was achieved in the second-half of the year which was a record six months after the implementation of safety and operational improvements at the plant.
The lower production for the Jaburi Plant was principally due to the closure during the third quarter for safety and operational improvements the firm added. Production restarted at Jaburi in parallel with ongoing construction during the fourth quarter.
The year also saw BMC purchase a new exploration licence adding 3923 hectares and bringing the group's Total land package to around 108000 hectares.
Post period and reported this month BMC reported record production and sales in the first quarter of 2016. It shipped sales of 4354 tonnes of manganese in the first quarter of 2016 - a 15 fold increase compared with the same period in 2015.
The group produced 2558 tonnes which was a 107% increase from the 1237 tonnes during the same period last year.
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