28th Apr 2015 13:46
LONDON (Alliance News) - Galantas Gold Corp Tuesday reported a widened net loss and huge drop in revenue in 2014 due to an impairment loss on property, plant and equipment, as well as failing to recover from the suspension of production in 2013.
The company reported a net loss for the year of CAD5.3 million, steeper than the CAD1.9 million loss in 2013, as revenue fell to CAD8,332 from CAD1.5 million.
It said the net loss included a CAD3.2 million impairment loss on property, plant and equipment after establishing its subsidiary, Flintridge Resources Ltd, which bought land, buildings and equipment from Omagh Minerals during the third quarter.
Revenue was hit due to a lack of shipments of concentrates from the mine in 2014 following the suspension of production during the fourth quarter of 2013, which had primarily been down to lower concentrate gold grade coupled with falling gold prices.
Galantas added that production at the Omagh mine remains suspended awaiting planning consent to continue operations underground.
Shares in Galantas were trading down 3% at 5.70 pence Tuesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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