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Don't have an account? Click here to register.China Africa Resources reduces loss, still has zero income
Wed, 27th Jul 2016 14:11
(ShareCast News) - China Africa Resources posted its half-year report for the six months to 30 June on Wednesday, reducing its loss but still not reporting any income.The AIM-traded company made an operating loss of $233,000 for the period, compared with $297,000 at the same time last year and a total operating loss of $546,000 for the 2015 calendar year.Its basic and diluted loss per share, attributable to the equity holders of the parent, hit 1.03 cents, compared with 1.32 cents in the first half of 2015 and 2.44 cents for the whole of 2015."The losses during the period are the costs incurred in managing the head office in the UK augmented by an exchange loss on sterling and Namibian deposits," China Africa Resources' board said in a statement."The board has implemented a number of cost cutting measures post year end which will significantly reduce the ongoing costs of the group."However in order to continue to meet the group's working capital needs and development plans some additional funding will be required either through equity raisings or other financial arrangements of which there can be no certainty," it added.As at 30 June 2016 the company said it had $0.2m in cash reserves, having repaid a loan of $0.2m.
More News
8 Feb 2017 15:28
China Africa Resources to take minority stake in US Lithium
(ShareCast News) - Natural resource exploration and development company China Africa Resources announced on Wednesday that it has signed an Investment Agreement with US Lithium, a private Australian company, to acquire up to a 47.5% shareholding in USL. The AIM-traded firm said USL has interests in
Read more1 Feb 2017 16:37
China Africa Resources to acquire 49pc of Global Exploration Technologies
(ShareCast News) - Natural resource exploration and development company China Africa Resources announced on Wednesday that it has signed an investment agreement with Global Exploration Technologies - a private Australian company - to acquire a 48.88% shareholding in GET. The AIM-traded firm said G
Read more21 Nov 2016 13:09
China Africa Resources to raise £1m and become cash shell
(ShareCast News) - China Africa Resources has proposed returning its sole investment to shareholders via a special dividend as new investors plan to transform the business into a cash shell focused on 'energy metal and minerals' with a discounted £1m fundraising. The AIM-listed company said that as
Read more16 Nov 2016 10:25
China Africa Resources in talks over possible restructuring
(ShareCast News) - China Africa Resources noted the jump in its share price on Wednesday and confirmed that it is in the final stages of negotiating a transaction that could lead to the restructuring of the group. In addition, the company said it is planning a share placement at a price "materially
Read more11 Aug 2016 14:28
China Africa Resources in the dark as shares spike
(ShareCast News) - Shares in China Africa Resources soared to their highest in over a year on Thursday before the company said it was unaware of a specific reason. The Namibia-focused AIM tiddler, which hit an all-time low of 1.5p earlier in the month, surged from 3p to 7p on Thursday morning, level
Read more30 Jun 2016 15:17