9th May 2016 07:44
LONDON (Alliance News) - China Africa Resources PLC on Monday said its pretax loss narrowed in 2015 as it remains focused on funding a feasibility study at the Berg Aukus mine in Namibia.
The company made a pretax loss of USD562,000 in the year to the end of December, compared to USD833,000 a year earlier.
China Africa said the losses related to the costs of running its London head office and associated listing and regulatory requirements. The company has no revenue.
It said its focus is on securing financing for a feasibility study at Berg Aukus, the pre-feasibility study for which showed it to be a "viable project". But China Africa said its future continues to be dependent on raising capital in the future and failure to do so would cast doubt over its ability to continue operating.
China Africa shares were down 15% to 4.25 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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