24th Nov 2015 12:50
LONDON (Alliance News) - Stellar Diamonds PLC on Tuesday reported narrower losses as it continues to focus on the Baoulé project in Guinea and the Tongo Dyke-1 project in Sierra Leone.
Pretax losses narrowed to USD3.1 million in the year ended June 30 from GBP4.1 million the prior year, as the West Africa-focused company recorded revenue of USD614,228 against none the prior year and administrative expenses fell to USD1.4 million from USD2.8 million.
"Despite the significant challenges faced, Stellar has managed to deliver yet again on the ground. We are now advancing the Tongo project to the mining stage and hopefully the results of the trial mining at Baoulé can prove the economic potential of the pipe. Our main focus will remain on these two projects and in particular the successful funding of Tongo so that we can commence the development of the mine in 2016," Chairman Peter Daresbury said in a statement.
Shares in Stellar Diamonds were down 14% at 15.00 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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