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Exploration group Kavango Resources reported losses that more than doubled after suffering a $1m impairment charge on its prospecting licences that the company had decided to relinquish.
For 2019, pre-tax losses widened to $1.5m from $534K on-year as the company recorded an impairment of US$1m relating to prospecting licenses that in the ordinary course of business the directors had elected to relinquish.
'These prospecting licenses are located in the south of the Kalahari Suture Zone, which the company has determined is no longer an area of strategic focus based on results to date,' Kavango said.
'We are nearing completion of our first farm-out by selling a 51% interest in the Ditau project. We have added to our mineral portfolio with our involvement on the exciting Kalahari Copper Belt where two new copper mines are now being developed. We look forward to an exciting programme of exploration in 2020,' it added.
At 9:22am: (LON:KAV) Kavango Resources Plc Ord 0.1p share price was 0p at 1.05p