20th Mar 2019 11:27
LONDON (Alliance News) - Danakali Ltd on Wednesday said its loss widened slightly in 2018 as it continues to develop the Colluli potash project in Eritrea.
The potash firm's pretax loss widened to USD6.9 million in 2018 from the USD6.8 million reported a year earlier, while revenue declined to USD172,252 from USD221,189.
Danakali is still in the exploration and development stage, and said its revenue streams mainly relate to interest earned on investing of surplus funds from capital raising.
Meanwhile, the net losses reflect the company's exploration and development expenditure on the Colluli project and ongoing administration costs.
Looking ahead, the company will continue to invest in Colluli with the objective of developing a "significant" mining operation.
Danakali shares were untraded in London on Wednesday, last closing at 44.34 pence each.
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