LONDON (Alliance News) - Kemin Resources PLC Thursday said its pretax losses narrowed significantly in the first half of 2014, after the company's results last year were hit by a GBP2.6 million share-based payment that wasn't repeated.
The molybdenum and tungsten exploration-and-development company, with operations in Kazakhstan, said its pretax loss narrowed to GBP470,000, from GBP2.7 million in the first half of 2013.
While administrative expenses inched up by GBP160,000, this was more than offset by the absence of any other costs, including the GBP2.6 million share based payment the company booked last year.
Kenmin currently has no revenue. It said it is still investigating the possibility of a one million tonne per year capacity 'pilot processing plant' as a quick route to cashflow, prior to the major investment required at the five million tonne per year operation at its two wholly-owned deposits, Drozhilovskoye and Smirnovskoye.
The company has cash in hand of GBP1.9 million as at June 30, compared with only GBP17,000 a year earlier.
Kemin shares were trading 2.1% higher Thursday morning at 12.00 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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