14th Mar 2014 09:23
LONDON (Alliance News) - China Africa Resources PLC Friday said its pretax loss widened in its full year 2013 as a fall in income hit flat administrative expenses.
China Africa Resources, in which Weatherly International PLC holds a 25% stake, mines in Namibia. It said its pretax loss widened to USD689,000 from USD495,000 the previous year.
China Africa, which is yet to produce any revenues, said its administrative expenses remained largely flat at USD683,000 from USD687,000 the previous year, but it received lower finance income of USD1,000 compared with USD192,000 in 2012, as the company recovered USD178,000 from foreign exchange gains the previous year.
As a result, the company continued its policy to not pay out dividends at this point.
China Africa said its focus over the course of 2013 was the progress of a feasibility study on its Berg Aukas deposit and the highlight of the year was the company's first JORC resource on site which is 1.3 million tonnes of ore at 15.5% zinc, 3.8% lead and 0.33% vanadium.
The company said its short-term objective is to establish the pricing for the purchase of concentrates from Berg Aukas in order to complete the feasibility study.
China Africa shares were down 5.9% to 25.40 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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