30th May 2018 12:56
LONDON (Alliance News) - Bezant Resources PLC said on Wednesday it had recorded an annual loss more than nine times less than the previous year due to an impairment reduction.
Bezant's pretax loss in 2017 totalled GBP1.0 million, significantly narrowed from GBP9.4 million in 2016.
This is because the company, which mines gold and copper, had an GBP8.4 million impairment in 2016 from its Mankayan project in the Philippines. There was "significant lingering uncertainty" around the project in 2016 caused by the Philippines' political and tax environment.
Nonetheless, Bezant has maintained its interest in the project, which is owned alongside Crescent Mining & Development Corp, and its mineral sharing agreement has been renewed until 2020. Its 2017 impairment on the project was just GBP80,000.
The company recorded no revenue in 2017 as it is still in its exploratory mining stage.
The company amassed GBP2.8 million through fundraising and its cash at bank at the end of 2017 was GBP200,000, maintained from 2016. In February 2018 the company raised a further GBP600,000.
"Our Mankayan asset in the Philippines is deemed to be a world-class project and the remainder of 2018 shall see the company seek to derive value from this significant asset," Chief Executive Laurence Read said.
Shares in Bezant Resources were down 5.5% at 0.45 pence on Wednesday.
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