30th Sep 2015 11:50
LONDON (Alliance News) - Kibo Mining PLC Wednesday said its pretax loss was slightly narrower in the first half of 2015 after it cut its exploration costs as it continues to progress a wide ranging portfolio of assets in Tanzania.
The miner reported a GBP913,891 pretax loss in the first six months of 2015, slightly narrower than the GBP1.1 million loss a year earlier after the company spent less on exploration.
The miner, which does not generate any revenue, is focused on the Mbeya coal-to-power project, which it is developing in partnership with SEPCO. It also has signed a joint venture agreement with fellow AIM-listed Metal Tiger PLC to develop the Morogoro gold and Pinewood uranium projects.
Kibo shares were up 0.4% to 5.78 pence per share on Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
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