LONDON (Alliance News) - Bacanora Lithium PLC on Thursday said its quarterly loss widened sharply as it progresses on lithium projects in Mexico and Germany.
The lithium exploration company said its loss widened in the three months to the end of March to CAD2.7 million from CAD780,177 as administrative expenses more than doubled to CAD1.9 million from CAD914,684.
Meanwhile, revenue also doubled to CAD49,450 from CAD22,771 a year earlier.
Bacanora said it continued to progress well on the development of its Sonora lithium project in Mexico, as it received water licence permits from the Comision Nacional Del Agua. The company said it is currently in talks with potential energy partners for a gas pipeline development.
At Bacanora's Zinnwald lithium project in Germany the company intends to start the resource update in the second quarter upon completion of mine design and planning activities.
Looking ahead, the company said it sees a strong demand for lithium carbonate in sectors of electric vehicles and energy storage. In China, lithium carbonate prices stood between USD13,000 per tonne and USD16,000 per tonne, representing a 20% uplift from 2017 prices.
Shares in Bacanora were trading 4.4% higher at 88.75 pence each on Thursday afternoon.
