27th Sep 2018 15:45
LONDON (Alliance News) - KEFI Minerals PLC on Thursday reported a narrowed loss for the first half of 2018 as it swung to a small profit on fair value from a substantial loss.
The mining company's pretax loss for the six months to June 30 came to GBP2.4 million, only two thirds of its GBP3.6 million loss the year before.
The majority of this change came from a marginal GBP2,000 profit on the change in fair value of its financial assets versus a whopping GBP1.8 million loss the year before.
Administration expenses for the period increased to GBP1.6 million from GBP1.3 million.
KEFI's primary focus for the recent six months continued to be its Tulu Kapi gold project in Ethiopia, and it expects to achieve final heads of agreement with Ethiopian investors within the week.
The company also is involved in a joint venture in Saudi Arabia, holding a 40% stake in the venture while Abdul Rahman Saad Al-Rashid & Sons Co Ltd owns the remaining 60%.
Neither of these operations is revenue producing at present, as development is still ongoing.
"The first half of 2018 was one of considerable progress for KEFI, momentum that has continued in the second half. Our primary focus has remained on our Tulu Kapi gold project in Ethiopia and we look forward to providing further updates shortly with regard to the project and its funding as matters progress," said KEFI Managing Director Harry Anagnostaras-Adams.
Shares in KEFI were down 6.9% at 1.89 pence on Thursday afternoon.
Related Shares:
Kefi Gold & Copper