LONDON (Alliance News) - Richland Resources PLC Wednesday said the loss from its remaining operations narrowed in 2014 as revenue increased.
The gemstone producer and developer sold all its remaining Tanzanian mining operations and retail operations in March because they were continuing to make a big loss, and is now focused on its Nardoo Sapphire project in Queensland, Australia. It started mining there in April after a speedy mine redevelopment.
The retainer operations reported a net loss of USD1.4 million in 2014, compared with a USD1.7 million loss in 2013, as revenue rose to USD995,000, from USD75,000.
The Tanzanian businesses it sold made a loss of USD12.4 million, compared with a USD2.7 million loss a year earlier, including a USD9.4 million impairment charge.
Richland Resources shares were untraded Wednesday morning. The stock last traded at 4.25 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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