LONDON (Alliance News) - Kemin Resources PLC Friday said its pretax losses narrowed marginally in its first half as lower administrative fees offset higher finance expenses.
The molybdenum and tungsten exploration-and-development company with operations in Kazakhstan said pretax losses narrowed to USD111,000 from USD114,000 the previous year.
Kemin, which floated on AIM in April 2013, said that although finance expenses increased to USD104,000 from USD94,000, they were offset by lower administrative expenses of USD7,000 versus USD20,000 a year before.
The company is yet to post any revenues.
Kemin completed a GBP40 million acquisition of a 90% interest in Kazakh-Russian Mining Company LLP and has began to develop deposits at the Kazakh-Russian Mining sites.
Kemin shares were down 1.0% to 10.40 pence Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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