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LONDON (Alliance News) - Keras Resources PLC reported a widened pretax loss for its first half as it transitioned towards gold production.
The gold miner reported a pretax loss of GBP1.1 million for the half year to end-March, widened from a pretax loss of GBP659,000 the year before. It did not report revenue in either period.
Keras commenced mining towards the end of March, and as such, did not produce revenue.
The company said it aims in the coming months to fast-track production from the Prince of Wales underground mine at Grants Patch, Australia, and is confident this, against a supportive gold price, will ensure that the "excellent momentum" behind the business will be maintained.
Keras is targeting production of 30,0000 ounces of gold per year from mid 2017, it said.
"I am delighted that Keras can now call itself a producing gold mining company following the recent receipt of our first payment. Tribute agreements provide us with the excellent opportunity to rapidly generate cash flow at low cost. Since identifying this niche opportunity in a proven Australian gold region, we have signed a total of four tribute agreements and have become AIM's only listed Australian gold mining company. We aim to deliver 20,000 to 30,000 ounces of gold once steady state operations are reached," said Chairman Brian Moritz in a statement.
Shares in Keras were down 9.0% at 1.02 pence Tuesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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