27th Mar 2020 14:34
(Alliance News) - Kazera Global PLC on Friday posted a narrowed loss for 2019 and said that its investee is progressing on the development of the Namibian tantalite mine.
The AIM-listed investment company reported a pretax loss of GBP524,000 for 2019 compared to GBP794,000 loss a year earlier. The company did not generate any revenue during the either year.
Kazera, through its stake in African Tantalum Pty Ltd, has an interest in the Namibia tantalite investment mine.
During the year, the company said African Tantalum has completed exploration campaign at Homestead and Purple Haze deposits with material increases on initial estimates. The company also implemented water management and efficiency measures across the property.
Looking ahead, Kazera said it expects African Tantalum to unlock the full value of the property through its targeted phase II exploration programme.
"During the period, I have been delighted with the progress of the exploration programme. Significant value has been added to the Mine in the past few months as we have continued to drill across the property," said Chief Executive Larry Johnson.
"We continue to look for cash flow opportunities such as the new trading arm of the business which enables us to deliver additional value to our shareholders," added Johnson.
Kazera shares were trading 2.2% lower in London on Friday at 0.22 pence each.
By Evelina Grecenko; [email protected]
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