LONDON (Alliance News) - Nyota Minerals Ltd Wednesday said it made significant cuts to corporate overheads in the three month ended March 31, 2014.
The Australia-based gold exploration and development company with operations in Ethiopia said it made good cuts to corporate overheads in the quarter, helped by reduced costs from the retirement of two directors and other salary and personnel cuts, as well as the closing of its London office and relocating all corporate activities to Perth.
"We started the new year in a positive way, taking decisive decisions that we believe will re-position Nyota. However, the public equity capital markets remain unforgiving for junior mineral exploration companies and further rationalisation has therefore been undertaken whilst alternative financing options are being advanced," said Chief Executive Richard Chase in a statement.
The company said it is in funding discussions with a number of parties with the aim of raising sufficient cash to fund its share of the on-going costs at Tulu Kapi, via its shareholding in KME, a focused exploration programme to advance its Northern Block exploration properties and corporate overheads.
Shares in Nyota Minerals closed 5.2% higher Wednesday at 0.300 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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