28th Mar 2014 12:33
LONDON (Alliance News) - Berkeley Mineral Resources PLC Friday said its pretax loss widened in its first half as expenses increased in order to further develop its operations in Zambia.
The AIM-listed resource company with operations in Zambia, which is yet to produce any revenues, said its pretax loss widened to GBP882,900 for the six months ended December 31, 2013 from GBP592,481 in 2012.
The company said its administrative expenses increased 48% to GBP883,260 from GBP597,341 as the company developed its operations in Zambia towards commercial production.
The news comes after the company announced positive results from copper processing trials at its Kabwe site, which increased the grading cement content to 92% copper content from 89% in its first trials.
At the time, Berkeley Mineral Resources said it has received interest from international parties seeking to enter into an offtake agreement for the Kabwe ore, and the discussions are at an advanced stage.
On Friday, the company said it is now looking to commence production at Kabwe shortly after receiving Zambian environmental approval and expects that its initial production will be a high-grade copper product from copper oxide with processing of its zinc, lead and other material following thereafter.
Berkeley Mineral Resources shares were down 15% to 1.25 pence, putting it in the top five AIM fallers Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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