LONDON (Alliance News) - Kolar Gold Limited Wednesday said its pretax loss narrowed slightly in its full year as it lowered administrative expenses and service costs.
The gold exploration and development company focused on India said its pretax loss narrowed to GBP2.2 million for the twelve months ended June 30 from GBP2.3 million the previous year.
Kolar Gold is yet to produce revenue but saved cash on administrative costs and service costs, paying SUN Mining GBP77,542 for services which was down from GBP571,391 the previous year.
SUN Mining is helping Kolar Gold usher its proposed acquisition of Bharat Gold Mines Limited through Indian government and court approvals. BGML assets are the historic Kolar Gold Field, which Kolar wants to reopen. In July, the Supreme Court in India instructed the government to proceed with the sale tender process, Kolar said.
Kolar spent the majority of the period developing its existing assets and has prepared an exploratory drill plan for an additional 160 drill holes in the Chigargunta and Mallappakonda areas, to be implemented upon obtaining forestry permission and is subject to prioritizing the use of its cash resources.
The company said it is going to focus heavily on the development of its Jonnagiri Mining Lease in the next twelve months.
Kolar Gold shares were up 0.2% to 6.13 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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