14th Apr 2020 06:57
(Alliance News) - Chaarat Gold Holdings Ltd on Thursday last week recorded a sharply widened loss for 2019 and said future fundraisings are likely to be delayed due to the Covid-19 outbreak.
For 2019, the precious metals miner recorded a pretax loss of USD29.4 million, compared with a loss of USD17.0 million a year ago. The widened loss was attributed to rise in administrative costs, which totalled USD27.8 million versus USD13.7 million.
The company generated USD68.1 million in revenue for the year, versus nil, mainly due to sales of concentrate from Kapan mine in Armenia.
During this period, the Kapan mine sold 55,255 gold equivalent ounces, up 9% year-on-year. Production increased 7% to 60,252 ounces.
The miner separately on Thursday reported an extension of its USD17 million loan and accrued interest of USD2.4 million. The loan has been extended to the end of 2020 from March 31, with interest rate remaining at 13%.
Shares in the company on Thursday closed at 27.00 pence each.
By Tapan Panchal; [email protected]
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