30th Sep 2013 10:30
LONDON (Alliance News) - Bellzone Mining PLC Monday said its pretax loss narrowed in its first half as the company lowered its costs towards first production.
The iron ore, nickel and copper mining exploration and development company, with operations in the Republic of Guinea, said it pretax loss narrowed to USD20.4 million from USD25.9 million for the six months ended June 30.
Bellzone is yet to post any revenues.
The company said it lowered its administrative expenses to USD2.3 million from USD2.6 million and cut its employee benefits to USD7.6 million from USD10.8 million during the period.
Bellzone reported a resource of 124.2 million tonnes at 53.5% iron ore at its Kalia site during the period and its bankable feasibility study provided good results in the six months.
The company said it has a cash balance of USD9.44 million, which is sufficient to support the company's planned activities into the second quarter 2014.
Bellzone shares were down 2.1% to 4.60 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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