20th Jun 2018 08:53
LONDON (Alliance News) - African Battery Metals PLC on Wednesday said its loss widened in the first half of its current financial year, as it progresses its mining projects in Africa.
The miner of metals used in batteries said loss in the six months to the end of March widened to GBP886,000 from GBP780,000 reported for the same period the prior year, due to the rise in administrative expenses.
African Battery Metals did not generate any revenue in the first half, unchanged from a year earlier.
The company said it begun the exploration work at the Kisinka licence, located in the Democratic Republic of Congo. African Battery Metals said it has already dispatched samples from the auger drilling programmes for laboratory analysis and plans to conduct a licence wide soil sampling programme.
Meanwhile, in Sierra Leone, the company works on the development of the Ferensola gold project, where it completed the soil sampling programme in July last year. It now seeks a joint venture or farm-out agreement to provide financing.
"This has been a very busy period for the company as we look to become a significant explorer, developer and ultimately producer of battery metals, specifically cobalt, lithium, copper and nickel," said Chief Executive Roger Murphy.
"With an established team of international and African based personnel, I believe the company now possesses the right ingredients to leverage and create a successful investment grade vehicle," Murphy added.
Shares in African Battery Metals were untraded at 0.0325 pence each.
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