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(Alliance News) - Kefi Minerals PLC said Monday its interim loss improved as costs softened amid progress towards a "very significant and exciting" period for the gold mining firm.
For the six months ended June, pretax loss improved to GBP1.7 million from GBP2.4 million the year prior. This was after administration expenses fell to GBP1.1 million from GBP1.6 million the year prior, and finance costs fell to GBP345,000 from GBP592,000 the year before.
Kefi did not generate any revenue in either year.
"During the first half and subsequently, the company has advanced to a most propitious stage," Kefi Executive Chair Harry Anagnostaras-Adams said. "We have reached a very significant and exciting moment for all stakeholders in our company and our projects."
"The value-enhancing milestones ahead augur well for the company's prospects and we seem fortunate that this coincides with a rising gold price and aggressively pro-development government initiatives in our host countries, Ethiopia and Saudi Arabia," Anagnostaras-Adams added. "The remainder of 2019 is expected to be a very exciting period for the company and we look forward to providing regular updates as matters progress."
Shares in Kefi were 2.0% lower at 1.10 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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