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(Alliance News) - URU Metals Ltd on Monday reported a narrowed interim loss on lower costs, as the company continues to make progress on the various licensing step of the Zebediela nickel project in South Africa.
For the six months to the end of September, the exploration and development firm reported a total comprehensive loss of USD230,000, narrowed from USD282,000 the year before.
The main reason for the narrowed loss was a reduction in administrative expenses to USD263,000 from USD408,000 the year before.
In August, an application for a mining right over the Zebediela project was made and accepted.
In mid-December, URU Metals continued its progress on the application, with a public open day held for the project. Comments received during the open day were incorporated into the final scoping report which was then submitted to the South African Department of Mineral Resources & Energy for review.
The next phase of the application will commence once the South African Department of Mineral Resources & Energy approves the scoping report. URU Metals expects the approval to be received early in 2020.
"URU continues to believe that the long-term fundamentals of the base minerals industries remain positive and will be working hard in the coming year to unlock the value of our projects for our shareholders. The company maintains its core strategy to develop its nickel assets, as the board anticipates growing demand and price appreciation for nickel in the short to medium term," sad Non-Executive Chair Jay Vieira.
Shares in URU Metals - which is headquartered in Toronto - closed 12% higher at 230.0 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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