12th Mar 2019 11:55
LONDON (Alliance News) - AIM-listed mineral resource company Keras Resources PLC on Tuesday reported sinking to a loss in 2018, while its magnesium project in Togo is expected to open in 2019.
In 2018, Keras reported a loss of GBP584,000 compared to profit of GBP3.9 million in 2017.
"However, the two periods are not comparable as the prior year profit results from the transfer of Keras' Australian gold assets to Calidus, and not from trading," the company noted.
The company's administrative & exploration expenses in 2018 decreased 56% in 2018 to GBP411,000.
Keras did not report any revenue in 2018 or 2017. The miner said it expects to see income from its 85%-owned Nayega manganese project in Togo in 2019.
Keras has applied for an exploration licence for the project and is currently awaiting for the granting of the award. As a result, Keras was unable to carry out any commercial mining at the project but stressed it has all the "relevant documents, government assurances and local support" in place.
The company said the current manganese price and higher grade manganese identified at Nayega reinforced Keras' view the project "offers significant value".
"Keras is now in a position to operate Nayega as a producing mine as soon as the exploitation licence is issued and is well placed to pursue other manganese related projects elsewhere in Africa," said Chair Brian Moritz.
Moritz added: "The directors are actively negotiating other manganese related opportunities and look forward to providing shareholders with further updates as appropriate."
Shares in Keras Resources were down 0.4% Tuesday at 0.34 pence each.
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