29th Sep 2015 13:18
LONDON (Alliance News) - China Nonferrous Gold Ltd on Tuesday reported a narrowed pretax loss for its first half, as it continued to develop the Pakrut gold project in the Republic of Tajikistan.
The company reported a pretax loss of USD1.2 million for the half year to end-June, narrowed from a loss of USD2.3 million a year before, mostly due to lower administrative costs. It did not post revenue in either period.
Construction work at Pakrut has continued "at a fast pace" during the first half, the company said.
China Nonferrous said it is "well advanced" towards bringing the Pakrut project into production, with construction progressing well. It expects phase 1 trial production at the project of 2,000 tonnes per day to begin in October.
The company said the balance of its shareholder loan facility remains USD52.4 million, and it will seek additional financing to upgrade its production capacity once the phase I production becomes stable.
Shares in China Nonferrous were untraded Tuesday afternoon. It last closed at 13.25 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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