Rare Earth Minerals posts after-tax losses of �973,000 for the year to the end of December compared with �1.4m for the 15 months to the end of 2011. Operating losses fell to �789,000 from �1.4m last time.

Executive chairman David Lenigas said the company continued to pursue its investment strategy, as approved by the shareholders in November 2010, to acquire a diverse portfolio of direct and indirect interests in exploration and producing rare earth minerals and/or metals projects and assets.

In light of the nature of the assets and projects which are the focus of the investment strategy, the company has considered investment opportunities anywhere in the world.

Looking ahead, he says the board is "confident that the investments made by the company since it changed its investment strategy are both encouraging and potentially very rewarding".

He added: "We will look to realise this potential over the future years in addition to continuing to review further investment opportunities."