Katoro Gold reported wider losses as costs jumped sharply, with the company preparing to carry out a drill programme at its Haneti nickel sulphide mine in Tanzania.
For the six months ended 30 June, pre-tax losses widened to $0.43m from $0.15m as administrative costs swelled to $0.39m from £0.11m a year earlier. The company did not record a revenue.
The company said the sale of Reef Miners to LVG would enable it to maintain equity exposure and royalty income to the potential short time to revenue of Imweru, whilst also freeing up our resources to focus on the development of Haneti.
I am very encouraged by the recent developments at Haneti, which signify that we are now in a position to further investigate both the identified lithium and rare earth element mineralisations in parallel with our planned drill programme, said Louis Coetzee, Executive Chairman of Katoro.
At 8:21am: (LON:KAT) Katoro Gold Mining Plc share price was 0p at 1.1p