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LONDON (Alliance News) - Savannah Resources PLC Wednesday said its loss for the year widened on the back of increased administrative and financing costs and said its chairman has retired with immediate effect and replaced by Matthew King.
For the year ended December 31, the company reported a loss of GBP1.9 million, significantly wider than the GBP677,143 loss reported in 2013, driven by administrative expenses increasing to GBP1.4 million from GBP905,576 and a combination of higher finance costs and lower finance income.
The company does not generate any revenue and is currently focused on advancing the Jangamo heavy mineral sands project in Mozambique whilst progressing two highly prospective copper blocks in Oman.
At the end of the period, Savannah reported a cash balance of GBP2.9 million.
"Savannah continues to distinguish itself within the junior exploration arena by a high level of activity...In addition, our acquisition of rights to three highly prospective copper projects in Oman marked a transformational move into a highly prospective copper producing region. We intend to leverage our in-country advantage to ultimately become a mid-sized copper producer," said Chief Executive David Archer.
In 2015, the company said it will recommence drilling in Mozambique toward the end of the first half of the year after securing the mineral resource in 2014, whilst drilling multiple near surface drill targets in Oman in tandum.
In a separate statement, Savannah said Non-Executive Chairman Mike Johnson has retired from the company with immediate effect and has been replaced by Matthew King.
King, aged 57, has more than 27 years' experience in the financial services industry, including working as group general manager of global operational risks at HSBC Bank PLC.
Savannah said King also has relevant operational experience in Oman, which will "prove extremely beneficial" as the company looks to advance its portfolio of copper projects in Oman, where drilling is currently underway, said Savannah.
"The company is fortunate to be able to appoint a successor with the experience and qualifications of Matthew King. Matthew has had a long and distinguished career in international banking. His particular competencies are in the arenas of corporate governance, operational risk and compliance," said Archer.
Savannah shares were down 2.9% to 1.87 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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