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LONDON (Alliance News) - Karelian Diamond Resources PLC Monday said its pretax loss widened during its first-half as operating expenses jumped during the company's development phase.
The diamond mining company, with operations in Finland, said its pretax loss widened to EUR96,610 for the six months ended November 30, compared with a pretax loss of EUR72,545 in the same period during 2012.
The company, which is yet to post any revenues, said its losses were based on operating expenses which increased to EUR89,123 from EUR65,531 the previous year.
The company managed to find kimberlite indicator minerals at its Riihivaara target, expanded its licence areas and raised GBP2 million during the period.
"The additional funding will allow us to accelerate the exploration as we endeavour to maximise the potential of the area," Chairman Richard Conroy said in a statement.
Karelian Diamonds shares were down 9.6% to 3.57 pence, putting it in the top AIM fallers Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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