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LONDON (Alliance News) - Bezant Resources PLC Monday said its pretax loss narrowed in 2014 as it slashed costs, but said talks to secure a buyer or partner for its flagship project are being "hampered" by a mining tax proposal put forward to the Philippines government.
The natural resource exploration and development company that currently operates in the Philippines, Tanzania and Argentina reported a pretax loss of GBP328,000, narrower than the GBP798,000 loss reported in 2013m as administrative expenses dropped to GBP237,000 from GBP710,000. The company does not currently generate any revenue.
At the end of December, Bezant had a cash balance of USD2.1 million and said it is confident it can satisfy its annual work obligations in the Philippines as discussions continue about the potential sale or joint venture of its flagship Mankayan project. Bezant added that it has made minimal expenditure commitments to its licenses in Argentina.
One of the reasons the company has not already found a partner for the Mankayan project is because talks are being "hampered" by a "adverse" mining tax proposal made to the Philippines government by a civil service body, and Bezant said although the tax proposal has not been adopted by the government, the "uncertainty" created is affecting the entire industry.
"As a long term, highly robust source for copper and gold, Mankayan now represents an even more attractive opportunity for potential purchasers or joint venture partners, however discussions are being hampered by the continuing commodity market downturn and, more significantly, the proposal made to the Philippines government regarding the potential adoption of a highly punitive new tax regime for mining companies," said Bernard Olivier, chief executive of Bezant.
Bezant shares were down 0.8% to 2.48 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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