30th Mar 2015 08:45
LONDON (Alliance News) - African Potash Ltd Monday said its pretax loss for the first half of the year widened on the back of finance costs and said it continues to try and secure financing to fund the next stage of exploration at its flagship project.
The potash miner focused on the Lac Dinga project in the Republic of Congo said its pretax loss for the six months ended December 31 was USD660,000, wider than the USD554,000 loss reported a year earlier.
The company, which does not currently generate any revenue, said the loss widened after it paid USD115,000 in finance costs, compared with USD1,000 in income from its finances a year earlier.
African Potash is currently "evaluating its various options to maximise the value" of the Lac Dinga asset, and said it "continues to evaluate alternative funding mechanisms and strategic partnerships with the objective of funding the next phase of exploration" at Lac Dinga, it said.
At the end of December, the company had a cash balance of USD679,000.
African Potash shares were down 4.7% to 0.405 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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