4th Jun 2018 10:11
LONDON (Alliance News) - Kemin Resources PLC said Monday its loss for 2017 widened on the back of increased administrative expenses.
The Kazakhstan-focused molybdenum and tungsten exploration company posted a 2017 loss of GBP484,000 versus GBP445,000 year-on-year.
Administrative expenses, most of which relate to associated fees for maintaining the listing on the London Stock Exchange, amounted to GBP197,000 versus GBP158,000 in 2016.
As it is an exploration company, Kemin did not generate any revenue for 2017, although it expects to move to production "in the near future".
The company undertook exploration drilling at the Drozhilovskoye field in north Kazakhstan, with 427 samples taken for analysis in the first quarter of 2018.
"Once the analysis of the samples taken from Drozhilovskoye is complete, the company Is planning to move forward to the next stage of its development which will, subject to sourcing additional funding, be the development of a pilot plant," Chief Executive Officer Sanzhar Assaubayev said.
Kemin shares were trading down 0.5% at 1.99 pence each.