30th Sep 2013 13:04
LONDON (Alliance News) - Chaarat Gold Holdings Limited Monday said its net loss significantly widened in its first half as large exploration and regulatory costs hit company finances.
The exploration and development company operating in the Kyrgyz Republic said its net loss widened to USD16.1 million from USD4.8 million for the six months ended June 30.
The company is yet to post any revenues.
Chaarat said its administrative expenses increased to USD2.9 million from USD2.4 million, and its exploration expenses increased to USD6.8 million from USD2.8 million.
The financial results were also hit a USD5.7 million cost for Chaarat to receive its mining licence in the gold rich area of Kyrgyzstan.
The company said it is fully funded to complete its ongoing feasibility study and cover its overheads until mid 2015.
Chaarat shares were up 1.9% to 13.50 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
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