LONDON (Alliance News) - Kemin Resources PLC Thursday said its pretax loss narrowed in 2014 as it continues to progress its assets in Kazakhstan.
The miner reported a GBP870,000 pretax loss in 2014, narrowing from a GBP3.1 million loss in 2013. The company does not generate any revenue and the loss narrowed because the company did not repeat a GBP2.6 million share based payment it made in 2013.
Administrative expenses more than doubled to GBP340,000 from GBP154,000 and finance expenses rose to GBP531,000 from GBP316,000.
"Due to changing world demand and declining trends in the pricing of tungsten and molybdenum, the company carried out a strategic review to ascertain the optimal approach to maximise returns from the development of its resources. This led to a delay in the previously anticipated timetable. However, we believe this approach will achieve better results in the long run," said Chief Executive Sanzhar Assaubayev.
The company is focused on the Drozhilovskoye and Smirnovskoe molybdenum and tungsten deposits in Kazakhstan. The next milestone for the company is securing a competent persons report for the desposits, which is expected in the third quarter, followed by a completed definitive feasibility study for Drozhilovskoye in the first quarter of 2016.
Kemin shares were down 9.6% to 3.05 pence per share on Thursday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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