13th Mar 2014 12:28
LONDON (Alliance News) - Berkeley Resources Ltd Thursday said its pretax loss narrowed in its first half as lower costs offset falls in revenues during the period.
The uranium exploration and development company with operations in Spain said its pretax loss narrowed to USD4.2 million for the six months ended December 31, 2013 from USD5.4 million the previous year, despite a fall in revenues to USD806,487 from GBP850,849 in 2012.
However, the company narrowed its losses predominantly by reducing its exploration and evaluation costs by 30% to USD4.0 million from USD5.6 million the previous year, as the company focused on the development of its Salamanca and Retortillo sites towards permitting and production.
Berkeley, which is yet to receive revenues from the two major sites, achieved its revenue in the half year from interest and a research-and-development rebate.
During the period, the company completed a pre-feasibility study at the Salamanca project which showed a steady state annual production of 3.3 million pounds of triuranium octoxide, a compound of uranium, over a seven-year period and average operating costs of USD24.60 per pound over the life of the mine.
Berkeley shares were down 0.3% to 18.20 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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