13th Sep 2019 09:38
(Alliance News) - Katoro Gold PLC on Friday said it is making progress on the development of Haneti nickel project in Tanzania, after reporting a widened loss for the first half of 2019.
The exploration and development company recorded a pretax loss of GBP433,181 for the six months to June 30, compared with GBP152,279 loss reported a year earlier. The company's administrative costs increased to GBP387,452 from GBP109,364 the prior year.
Katoro did not generate any revenue in either half-year as it was preparing for initial drill programme at the high-grade Haneti project.
"In Haneti we hold an asset, highly prospective for a high-grade nickel sulphide deposit, which when considering the current strong market fundamentals for nickel when paired with the rapidly growing electric vehicle market, is an extremely exciting opportunity for Katoro," explained Executive Chair Louis Coetzee.
The company said work that it completed to-date indicated potential for nickel sulphide, lithium and rare earth element mineralisation at Haneti.
In addition, Katoro partnered with Power Metal Resources PLC - which invested GBP100,000 into Katoro - for the development of the project.
Looking ahead, Coetzee added: "We believe that Haneti is a strong platform from which we can grow our battery metals portfolio. We anticipate further developments in the coming year and I look forward to updating shareholders on developments in this arena in due course."
Katoro shares were trading 4.1% lower on Friday at 1.06 pence each.
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