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(Alliance News) - Savannah Resources PLC on Wednesday posted a widened annual loss due to administrative expenses.
The miner reported a GBP3.8 million pretax loss for 2019, widened from GBP3.4 million in 2018. This was due predominantly to a rise in administrative expenses of 18% to GBP3.9 million from GBP3.3 million.
Savannah reported no revenue as it is currently developing its mining projects in Portugal, Mozambique, and Oman. However, it reported GP55,325 of other income in 2019, versus nothing in 2018 and finance income of GBP25,621 compared to GBP17,321 the year before.
Chief Executive David Archer said: "While further uncertainty must be expected over the coming months, primarily due to the coronavirus outbreak and its impact on so many facets of everyday life, a recent USD200 million financing package in our peer group provides an encouraging backdrop to the sector. We hope that the work and progress Savannah intends to complete during 2020, backed by growing demand in the lithium and mineral sands markets, will place the company in a strong position to become a sustainable and responsible mine operate in the near future."
Shares in Savannah Resources were up 16% at 0.99 pence in London on Wednesday afternoon.
By Anna Farley; annafarley@alliancenews.com
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