UPDATE 1-Braemore Resources warns of wider H1 loss, shares fall

* Sees H1 loss of 4.4 mln stg vs 1.015 mln stg yr-ago loss

* Cites higher expenses from JSE listing in July 2008

* H1 production down due to smelter expansion

* Shares fall as much as 24 pct on London Stock Exchange (Adds details)

March 24 (Reuters) - Platinum and nickel producer Braemore Resources Plc BRR.L (BREJ.J) warned of a wider first-half loss, saying the recent settlement of a single old-order contract might have exposed it to market volatility around platinum group metals prices and unfavourable processing terms.

It also attributed the loss forecast to higher expenses related to the JSE listing completed in July 2008 and reduced production during the first half ended December due to smelter expansion.

For the six-month period, the company expects a loss of 4.4 million pounds ($6.45 million), compared with a loss of 1.015 million pounds reported a year earlier.

However, the company also said that the old-order contract has been concluded and replaced by new contracts from South African companies Anglo Platinum Ltd (AMSJq.L) (AMSJ.J) and Northam Platinum Ltd (NHMJ.J).

The new contracts in place are cash positive, with significantly reduced price exposure, Braemore said on Tuesday.

At 1150 GMT, shares of the company were down 0.35 pence at 1.7 pence on the London Stock Exchange. They touched a low of 1.55 pence earlier in the session. ($1=.6824 Pound) (Reporting by Balachander Surianarayanan in Bangalore; Editing by Himani Sarkar)