14th Jun 2016 12:05
LONDON (Alliance News) - Kibo Mining PLC Tuesday said it managed to book another, albeit smaller, profit in 2015 after reversing impairments as the miner continues to progress its flagship asset in Tanzania.
The miner, focused on a variety of commodities in Tanzania including its flagship Mbeya coal to power project, reported a GBP177,162 pretax profit in 2015 compared to the GBP2.1 million profit booked in 2014.
With nominal revenue being generated, a reversal of a GBP3.2 million impairment and other income from investments of GBP196,315 contributed toward that profit in 2015. In the previous year, Kibo reversed GBP4.7 million worth of impairments but booked barely any other income.
Administrative costs were slightly higher year-on-year at GBP1.8 million from GBP1.5 million and exploration expenditure in 2015 was also higher at GBP1.5 million compared to GBP1.1 million the year before.
Kibo has been focused on its Mbeya project, which will involve a coal mine feeding a plant to generate and provide power to the domestic market. The company is currently combining the individual feasibility studies for the mining element and power plant element of the project to form an integrated bankable feasibility study.
Kibo reported a cash balance of GBP189,435 at the end of 2015 compared to GBP186,447 at the end of 2014.
Kibo shares were down 5.1% to 5.1 pence on Tuesday.
By Joshua Warner; [email protected]; @JoshAlliance
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