30th Apr 2015 17:35
LONDON (Alliance News) - Berkeley Mineral Resources PLC Thursday reported a narrowed pretax loss in the first half of its financial year after restating its loss for the year before following adjustments for administrative expenses.
The company reported a pretax loss for the half year to December 31 of GBP950,825, much narrower than the GBP6.9 million restated loss in the same period a year earlier.
It restated its pretax loss for the first half of 2013 at GBP6.9 million from the original reporting of GBP883,000, after making adjustments of GBP523,000 for administrative expenses which were not previously accounted for, and write-downs and provisions of GBP4.2 million arising from an investigation.
It said the loss in the first half of 2014 represented administrative expenses.
Separately, Berkeley said acting chief executive Mark Wainwright has decided not to stand for re-election and Chairman Alex Borrelli will take up the role of chief executive effective from Thursday.
The company intends to make a further appointment to the board in due course, which will enable Borrelli to split the roles of chairman and chief executive.
"The company has an effective asset base of significant potential value through its tailings at Kabwe which we intend to process for the realisation of zinc and lead concentrates, initially through the establishment and operation of a pilot processing plant. I am confident that the company now has a viable future with a solid asset base and I look forward to updating shareholders as we progress within this new chapter with a new management team," Borrelli said in a statement.
Shares in Berkeley closed up 0.1% at 1.08 pence on Thursday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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