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(Alliance News) - Keras Resources PLC on Monday said it narrowed its half-year loss but noted processing issues at its Diamond Creek phosphate mine in the US state of Utah.
Shares in Keras were up 11% at 0.050 pence on Monday in London.
The miner said that processing was now on hold at the Diamond Creek site until a funding gap is resolved. Keras added that discussions on a funding solution are underway.
Keras said it is looking at possible restructuring options to enable it to steer 51% owned subsidiary Falcon Isle in a direction that Keras believes will increase sales and associated revenue. Falcon Isle is the 100% owner of the Diamond Creek project.
Keras said it had stockpiles of 3,000 tons of product available for on-demand sales and a further 5,200 tons of run-of-mine ore available for processing.
For the six months ended September 30, Keras narrowed its pretax loss to GBP345,000 from GBP560,000 in the six months ended March 31. Keras cited the improved performance by Falcon Isle for the narrowing.
Keras said that it was currently engaged with the Togolese authorities for the final permitting of its Nayega manganese project but added that securing the permit will "take time".
By Heather Rydings; heatherrydings@alliancenews.com
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