28th Sep 2018 13:02
LONDON (Alliance News) - Kemin Resources PLC reported on Friday a narrowed interim loss, as it looks to develop its licences in Kazakhstan.
Kemin owns the Drozhilovskoye and Smirnovskoye molybdenum, tungsten, and lithium deposits, which are located in northern Kazakhstan.
For the six months to June, Kemin's pretax loss was GBP75,000, compared with GBP208,000 pretax loss the year prior. It produces no revenue, having no assets in production.
The company has sent drilling samples from Drozhilovskoye to China Molybdenum for analysis. The latter's future involvement in the project depends on the results from these samples.
Chief Executive Sanzhar Assaubayev said: "The company is continuing to develop its close relationship with China Molybdenum. The final relationship between the two companies will depend on the technological results obtained from the samples analysed.
"It is anticipated on successful completion of testing the next stage will be the development of a test plant. The nature and extent of funds required will be known at that time."
Shares were untraded on Friday, last quoted at a price of 2.30 pence apiece.