LONDON (Alliance News) - Amara Mining PLC on Wednesday posted a narrowed pretax loss for the first half of 2015 as the group continues to work on developing the Yaoure gold project in the Ivory Coast.
Amara said its pretax loss for the six months to the end of June was USD2.8 million, narrowed from a USD3.9 million loss a year earlier, in line with a fall in administrative expenses. The company does not generate any revenue.
The company said it secured the maiden mineral reserve for the Yaoure project during the first half and is currently in the process of carrying out optimisation work to further improve the economics of the project.
A drilling programme is underway in the Yaoure central zone at the project in order to upgrade part of the inferred resource estimate and the group expects an updated mineral resource to be published in the fourth quarter.
John McGloin, Amara's chairman and chief executive, said the company will focus on the optimisation work in the second half.
Amara shares were up 0.2% to 10.1399 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
