29th May 2019 10:57
LONDON (Alliance News) - Keras Resources PLC on Wednesday said its loss widened in the first half of its current financial year as it awaits the grant of the Nayega exploitation licence.
The mineral resource company said its pretax loss widened to GBP439,000 in the six months to the end of March from GBP177,000 reported a year earlier, due to an increase in administrative costs.
Keras did not generate any revenue in either year, as it is developing the Nayega manganese project in Togo into a profitable mine.
During the year, the company said it constructed the mine and processing plant as well as produced 10,000 tons of manganese concentrate.
Keras said the plant is capable of producing 75,000 tons per annum. However, on receipt of the exploitation licence the company expects to expand and improve the plant to increase production.
All the terms associated with the exploitation licence have been agreed with the government of Togo, Keras said, and all that remains is confirmation by the Council of Ministers.
"The key to moving forward as a producer of manganese in Africa is the grant of the Nayega exploitation licence. As and when that is approved by the Togo Council of Ministers, Keras will be able to move forward rapidly without the requirement for further equity finance in the near term," said Chair Brian Moritz.
"The position in which Keras currently finds itself gives me and my colleagues on the board cause for considerable optimism," added Moritz.
Keras shares were trading flat on Wednesday at 0.33 pence each.
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