24th Feb 2020 11:27
(Alliance News) - Keras Resources PLC said Monday its annual loss for 2019 narrowed on better-than-expected results from the bulk sampling programme at the Nageya manganese project in Togo, leading to a surplus over direct costs.
For the year, the mineral resources firm's loss narrowed to GBP471,000 from GBP581,000 in 2018. Although Cobham, UK-based Keras reported a rise in administrative costs to GBP1.1 million from GBP411,000, this was offset bya one-off GBP681,000 gain from the recovery of costs in the bulk sampling programme.
Keras did not report any revenue in 2019 or 2018.
In Togo, Keras has been focussed on progressing the Nayega project up to the granting of an exploitation licence. As part of the process, the bulk sampling programme was completed during the year.
The company that owns the licence, Societe Generale de Mine SARL, has been converted from an SARL to an SA company, as required for the grant of the exploration license.
Keras holds an 85% stake in Societe Generale de Mine, and expects the licence to be formally granted in time to start production in the current quarter to the end of March.
In addition, investee Calidus Resources Ltd completed and published a positive pre-feasibility study, demonstrating that the Klondyke project in Australia is commercially viable.
Looking ahead, Keras said it is in a position to start operating Nageya as soon as the licence is finalised, but until then cash conservation remains a priority.
Shares in Keras Resources were down 6.3% at 0.15 pence on Monday in London.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Keras Res