13th Jun 2016 16:22
LONDON (Alliance News) - Bellzone Mining PLC on Monday reported a narrowed pretax loss in 2015 after making savings following a cost review into the business and said it is optimistic on the progress it expects to make in 2016.
The mining company said its pretax loss in 2015 narrowed to USD8.5 million from USD20.8 million in 2014 as it booked lower expenses following a cost review into the business which resulted in "substantial efficiency improvements" and reduced the operational cost base.
Bellzone added that it is in a position of being fully-funded operationally through 2016 and has the financial capacity to undertake a feasibility study by the third quarter for its Kalia ferronickel production project in Guinea. After that, it will seek suitable financing for the project, aiming to commence project development in 2017.
"2016 promises to be an exciting year for Bellzone," Chairman Michael Farrow said in a statement.
"The completion of the feasibility study within the next few months should bring us ever closer to starting an economically attractive and financeable project," he added.
Shares in Bellzone closed down 5.4% at 0.196 pence on Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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