Multiverse Mining posts NGN584.1 million loss for 2016

Multiverse mining and exploration plc, the only mining company quoted on the Nigerian Stock Exchange is reporting a full year loss for 2016.

The company ended the financial year 2016 with NGN26.2 billion revenue compared to NGN57.7 billion recorded in the financial year 2015.

The company’s costs of sales for the year was NGN61.4 billion in contrast to NGN45.9 billion recorded in the previous year.

The company recorded NGN35.2 billion gross loss for fourth quarter 2016 compared to NGN11.8 billion profit recorded in the same period 2015.

Operating loss of NGN43.2 billion for 2016 compared to NGN63.2 billion recorded in the year before.

Multiverse mining recorded NGN584.1 million as loss before taxation compared to NGN405.8 million loss recorded in the year before.

After its tax expense for the period , the loss of the year was NGN584.1 million as there was no tax expense compared to NGN386.7 million loss recorded in the year before.

Total assets for the year was NGN4.5 billion against NGN4.7 billion recorded in the year before. its Total Liabilities for the year was NGN3.9 billion versus NGN3.4 billion recorded in the year 2015.

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Company Information

Multiverse Mining and Exploration Plc was incorporated on 20th June, 2002.The company was listed on the Nigerian Stock Exchange on 8th October, 2008. It has over 5,000 shareholders with shareholders funds in excess of NGN3.5 billion.

The company specializes in solid minerals with focus on mining of Zinc Ore, Copper Ore, Gold Ore, Lead Ore, Tantalite Ore, Tin Ore and Barite Ore.

In year 2005, the company commenced granite quarrying operation in its first site at Oloparun, Obafemi Village, Ogun State with installed capacity of 600,000 tons per annum which was upgraded by the addition of another production line, in 2007, with production capacity of 400,000 tons per annum making the site installed capacity to 1 million tons per annum.

Since 2008, the company has been actively involved in its core areas of businesses developing and deepening its operations.

It now has an installed capacity of one million tons of granite production in three locations across the country.

The company is currently developing its Zinc and Lead mine site at Abuni in Awe Local Government Area of Nasarawa State.

As part of the expansion of its mine properties the Company has obtained exploration licenses to cover Tin Ore, Tantalite Ore and Copper Ore.

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