LONDON (Alliance News) - Uranium Resources PLC Tuesday said the first half of the financial year was a "frustrating period" that saw a "lack of progress" being made at both a project and corporate level.
The exploration company, with operations in Tanzania, said its pretax loss in the six months to the end of 2015 amounted to USD266,000 compared to the USD307,000 loss a year a earlier as it reduced its administrative costs.
The company said the lack of progress in the period was mainly thanks to the "lacklustre uranium market.". The company is also waiting to hear whether the application made to extend the licence covering its sole project will be approved.
Uranium Resources said it is expecting the Mtonya licence to be extended but conceded that it cannot be guaranteed, with the delay in approval being exacerbated by the change in government in Tanzania back in autumn following the general election.
Uranium Resources shares were down 8.8% to 0.365 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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