1st Oct 2018 16:00
LONDON (Alliance News) - Richland Resources Ltd said Friday that its interim loss narrowed as the company reduced its operating expenses.
For the six months to June 30, the Australian sapphire producer and gemstones developer posted pretax loss of USD778,000 compared to USD966,000. Operating expenses dropped to USD297,000 from USD900,000 a year prior.
The company generated USD51,000 in revenue, down from USD1.1 million a year ago, as mining operations were suspended in December 2017 as a result of negative weather conditions and weak market environment.
Looking ahead, the company said it continues to "hold discussions with potential strategic investors to secure the necessary funding to re-start production" at Capricorn Sapphire, while also seeking to identify potential acquirers for the project.
Richland shares were trading up 5.3% at 0.16 pence each on Monday.
Related Shares:
RLD.L