LONDON (Alliance News) - Nyota Minerals Ltd Tuesday said its pretax loss narrowed significantly in its last financial year, as it cut costs sharply after selling its main asset to concentrate on exploration.
The company reported a pretax loss of USD3.8 million for the year to June 30, compared with the USD10.5 million loss it reported a year earlier, as its administration costs were more than halved and asset impairments fell to USD1 million, from USD4.7 million. It revenue is currently very small.
Nyota sold its Tulu Kapi gold project in Ethiopia during the year to KEFI Minerals, after it couldn't raise the funds to continue developing its itself. The cash funds from the sale of that asset allowed it to re-start exploration on other gold exploration blocks it has in the west of the country, to the north of Tulu Kapi.
It has also cut costs, reducing its board to three members and closing its London office. It is now looking for new opportunities to expand its exploration portfolio.
Nyota Minerals shares were up 4.8% at 0.110 pence Tuesday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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