29th Aug 2019 17:40
(Alliance News) - Africa-focused mining royalty firm Altus Strategies PLC on Thursday reported that it narrowed its first half losses as it made gains on investments and administrative expenses were reduced.
In the six months to June 30, it made a pretax loss of GBP831,139, compared with a GBP1.1 million loss the year prior. Altus said it generated minimal revenue in the period.
Administrative expenses fell by 35% to GBP340,840 from GBP523,743 and it made gains of GBP42,654 on investments compared with a GBP165,645 loss in last year's interim period.
Management fees and costs recovered from joint-ventures, an income stream for Altus, fell by 32% to GBP28,112 from GBP41,325.
In the second quarter alone, its pretax loss fell year-on-year to GBP287,774 from GBP546,403 with costs recovered rising to GBP22,161 from GBP6,831.
The company holds stakes in explorations projects in Cameroon, Ethiopia, Ivory Coast, Liberia, Mali and Morocco.
Looking ahead, Altus said it will focus on completing due diligence on six different gold projects in Africa and develop new joint-venture and royalty agreements.
Shares in Altus closed 5.3% higher at 5.00 pence each in London on Thursday.
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