25th Mar 2014 10:44
LONDON (Alliance News) - Orsu Metals Corporation Tuesday said its pretax loss widened in its full year 2013, despite reductions in costs and expenses, as the comparative period benefited from a major asset sale gain.
The Kazakhstan-focused natural resources exploration and development company, which is yet to produce any revenues, said its pretax loss widened to USD5.8 million from USD2.2 million the previous year.
The company said that if it wasn't for a USD7.8 million gain on the sale of its Talas project asset in Kyrgyzstan during 2012, its pretax loss would have narrowed from USD10.1 million.
Orsu said its administrative expenses fell 19% to USD3.4 million from USD4.2 million the previous year, and its legal and professional expenses fell to USD796,000 from USD1.4 million in 2012.
The company said that during 2013 it continued to seek to bridge the financing requirements to secure project finance for the construction of a mine and processing facility at the Karchiga Project in Kazakhstan and took a number of steps to reduce costs, including reducing the headcount at the Karchiga Project and the corporate head office.
Orsu Metals shares were down 4.0% to 2.28 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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