18th Sep 2013 08:35
LONDON (Alliance News) - Alecto Minerals PLC Wednesday said its pretax loss narrowed slightly in its first half as it developed exploration mining assets towards production.
The African mining company said its pretax loss narrowed to GBP480,588 from GBP504,950 for the six months ended June 30.
The company, which is yet to produce any revenues, said its operating loss narrowed to GBP481,117 from GBP505,385 as the company focused its operations on its assets in Ethiopia and its newly acquired Kossanto Gold Project.
In August, the company signed a binding agreement with African Mining & Exploration PLC to acquire its AME West Africa subsidiary, giving it control of the Kossanto Gold project and two other exploration licenses in south-west Mali.
The company also completed a heads of terms agreement with Centamin PLC to form a joint venture to develop prospective gold assets in Ethiopia.
During the period the company's finances were strengthened through a GBP600,000 investment by AME Exploration in the form of a loan.
"This has been an exciting period for the company and we look forward to the coming months with the same outlook as we anticipate formalising both transactions and utilising the extensive experience of our new team to drive our projects up the resource curve to build on the inherent value apparent within our prospective portfolio," Chairman Michael Johnson said in a statement.
Alecto Minerals shares were up 0.87% to 1.16 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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