LONDON (Alliance News) - Nyota Minerals Ltd Monday reported a narrower loss for the first half of its financial year, as the miner made fewer payments to suppliers and employees and incurred fewer impairments.
The miner said its pretax loss was USD592,585 for the six months ended December 31, compared to a USD2.5 million pretax loss for the same period the previous year. This was largely down to payments to suppliers and employees dropping to USD614,444 from USD1.1 million, and total impairments down to USD122,963 from USD1.1 million in 2014.
Nyota added it has undertaken an airborne electromagnetic and magnetic survey at its Ivrea nickel-copper project in Italy and it intends to conduct detailed ground surveys to precede the siting of drill holes to test the sources of the responses. It said applications made to modify existing license areas based on the results of the survey are pending.
It said a meeting to consider and to recommend the issuance of the revised permits is scheduled for April.
Nyota added it has also evaluated potential opportunities to invest in other business sectors to source new equity for resource projects.
Shares in Nyota were down 5.8% at 0.0801 pence on Monday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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