26th Oct 2020 10:58
(Alliance News) - Copper and gold explorer Bezant Resources PLC on Monday reported a narrowed loss for the first half of 2020, which marked a period of consolidation and acquisition in southern Africa.
Also on Monday, the company announced the appointments of Raju Samtani as finance director and Edward Slowey as technical director with immediate effect.
Samtani most recently was a finance director of AIM-listed Tiger Royalties & Investments PLC, while Slowey was formerly chief executive officer of Orogen Gold PLC, stepping down in 2017 after the company changed to online women's fashion retailer Sosandar PLC.
"Managing finance and geology are both areas of importance in the development of an exploration company with an expanding portfolio of projects. I am therefore very pleased to announce the appointments of Raju and Ed whose considerable experience in these two areas will be a valuable addition to the company," said Executive Chair Colin Bird.
For the six months to the end of June, Bezant reported a pretax loss of GBP261,000, narrowed from GBP,387,000 the year before, on reduced expenses.
During the period, the group acquired a 30% stake in the Kalengwa copper silver project in Zambia, and proposed the acquisition of the Hope copper and gold project in Namibia. In addition, Bezant is progressing the disposal of 80% of its stake in the Mankayan project in the Philippines.
Looking ahead, Bezant said it has had several approaches considering a collaboration or joint venture with the Eureka project in Argentina.
"We are currently considering all alternatives, not excluding carrying out a limited exploration programme to test the significant geophysical anomalies in the general red-bed region and the contact between the older and younger rocks," Chair Bird said.
"Whilst we are in a period of global uncertainty and Covid-19 is a known unknown the board feels very confident with the underlying quality of our project portfolio in copper and gold since they are in metals which have short and mid-term strong potential," he added.
Shares in Bezant Resources were down 3.7% at 0.27 pence on Monday in London.
By Dayo Laniyan; [email protected]
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