3rd Sep 2015 09:07
LONDON (Alliance News) - China Africa Resources PLC on Thursday said its pretax loss narrowed in the first half as the company continues to work on the Berg Aukas Mine in Namibia.
The company, which does not generate any revenue, said its pretax loss for the six months to the end of June was GBP304,000, slightly narrowed from the GBP399,000 loss it made a year earlier in line with its slightly lower administrative expenses.
Fellow UK-listed firm Weatherly International PLC has a 25% stake in China Africa Resources, with the other 75% being held by ECE, a China-based Jiangsu provincial government subordinate organisation.
China Africa Resources said it has spent the half reviewing options to secure funding for the feasibility study for the Berg Aukas mine, having completed a pre-feasibility study last year.
That pre-feasibility study showed the mine has 2.05 million tonnes of ore reserves with zinc, lead and vanadium oxide mineralisation, with the aim of producing 250,000 tonnes per year over a 10 year mine life. China Africa Resources is aiming to produce 20,483 tonnes of zinc per year and 5,079 tonnes of lead.
Shares in China Africa were untraded Thursday, having last traded at 4.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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