11th Jun 2015 10:03
LONDON (Alliance News) - Chaarat Gold Holdings Ltd Thursday said its loss narrowed in 2014 after its costs experienced a small fall and it benefited from a tax gain.
The gold exploration and development company operating in the Kyrgyz Republic reported a USD13.6 million loss in 2014, slightly narrower than the USD14.4 million loss in 2013. Chaarat booked a USD486,875 tax gain in the period, compared to nil a year earlier. Before that gain, Chaarat's loss was USD13.0 million.
Total administrative costs, which includes exploration, share option expenses and foreign exchange gains and losses, totalled USD4.2 million in 2014, falling from USD5.7 million, as finance income doubled to USD476,536 from USD219,601.
The company's focus is on securing a definitive feasibility study for the Chaarat gold project, which is "nearing completion on schedule", it said.
Chaarat has hired a Chinese company to complete the DFS, and has also indicated it will secure funding from China in the future for the development of the project.
Chaarat shares were down 2.2% to 10.25 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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