Last checked at 
(Alliance News) - Mineral resource firm Keras Resources PLC on Thursday reported a widened interim loss and said that it is "not in a position" to begin commercial manganese output in Togo.
In the six months to March 31, the company's pretax loss widened to GBP809,000 from GBP439,000. Like last year, it generated no revenue.
Keras said: "The period under review has seen the completion of the demerger of the company's shares in Calidus Resources Ltd, which resulted in substantial value being transferred to shareholders. Shareholders who have retained both their Keras and Calidus share have therefore seen the total value of their holdings, calculated at June 1, more than double in the last 12 months.
"Against this, the company is still not in a position to commence commercial manganese production in Togo, despite the considerable progress made towards that end. Covid-19, in tandem with the presidential election held on February 22 where incumbent President Faure Gnassingbe was re-elected, have delayed this process. The company continues to work with all stakeholders in Togo to complete the final documentation related to the Nayega exploitation permit."
The company added that turning the Nayega manganese project into a "profitable, cashflow generative mine" remains its focus.
Shares in the company were down 7.1% at 0.13 pence each in London on Thursday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
