23rd Dec 2019 12:09
(Alliance News) - Investment company Kazera Global PLC on Monday said it narrowed its annual pretax loss on lower expenses.
In the financial year ended June 30, the company posted a pretax loss of GBP1.3 million, narrowed from GBP2.5 million. Exploration expenses were trimmed by 64% to GBP469,000 from GBP1.3 million, with administrative costs down 28% to GBP883,000 from GBP1.2 million.
Kazera, though its stake in African Tantalum Pty Ltd, has an interest in the Tantalite Valley project in Namibia.
"The company has been entirely focused on its strategy of a targeted exploration programme at the Namibia tantalite investment mine while also reducing ongoing costs."
Kazera said that results from maiden mineral resource estimates at the asset confirmed pre-drilling expectations of "good mineralisation" at the mine.
Post-period end, Kazera announced results from JORC-compliant resources estimates at the Homestead and Purple Haze deposits at the mine. The combined total indicated and inferred tantalite and lithium mineral resource for the two deposits is 324,600 tonnes.
Earlier in December, another JORC-compliant estimate, this time at the White City deposit, showed an inferred tantalite resource of 297,600 tonnes. This was in line with the company's pre-exploration programme expectations.
Kazera said: "The first phase of our exploration programme has proven to be a success and has given the company impetus to continue to realise this value through further drilling. We see the Namibia tantalite investment mine as being a highly material project, and we will continue to focus on high-grading the mine licence while facilitating processes to create meaningful production from the mine in the future."
Shares in the company were 5.9% lower at 0.40 pence each in London on Monday afternoon.
By Eric Cunha; [email protected]
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