14th Aug 2018 13:35
LONDON (Alliance News) - Gold exploration and development company Condor Gold PLC on Tuesday reported a narrowed interim loss.
In the six months ended June, reported a pretax loss of GBP1.3 million, down from GBP3.3 million the year before. The exploration company did not post any revenue in the half, same as last year.
Condor Gold's operating loss narrowed to GBP1.3 million from GBP3.3 million the year before, due to its administrative expenses halving to GBP822,184 from GBP1.7 million.
The company increased its total assets to GBP22.1 million from GBP20.5 million at the end of 2017.
During the period, Condor raised GBP2.5 million by way of a private placing, representing 9.5% of the company's existing issued share capital. The "overwhelming" majority of the placement consideration was from existing shareholders.
Condor also received environmental approval for a processing plant and other works at its La India gold project in Nicaragua the first half.
The company said its primary focus in the period was to obtain the environmental permit for the La India project.
A public consultation was held in mid-July over the site, at which Condor said it had received "overwhelming" support for its project, with 600 signing up for work.
Condor is looking to build a processing plant, and associated infrastructure, capable of processing 2,800 tonnes of ore a day. Gold production is expected to be around 80,000 ounces a year from an open pit.
The next step for Condor is to progress the infrastructure of the open pit for a feasibility study, as well as to submit the final designs for various parts of the project.
The company did not propose an interim dividend, same as the year before.
Chairman & Chief Executive Mark Child said it has been "a very encouraging first half year period for the company."
Shares in Condor Gold were down 1.7% Tuesday at 43.75 pence each.
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