Multiverse mining and exploration plc, the only mining company quoted on the Nigerian Stock Exchange in its financial report for the half year 2017 recorded 34% fall in profit to NGN324.1 million loss compared to NGN242.6 million loss recorded same period 2016.
The mining company ended the quarter with NGN3.2 million revenue in contrast to NGN4.2 million in the previous year and cost of sales was NGN2.5 million against NGN3.6 million in the previous year.
Gross profit for the period fell to NGN663 thousand compared to NGN670 thousand in the fiscal year 2016 and operating loss increased to NGN52.6 million from NGN35.0 million in the previous year.
Total assets at the end of the period was NGN4.5 million against NGN4.5 million in the year before while total liabilities was NGN4.2 billion versus NGN3.9 billion in the year 2016.
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.