LONDON (Alliance News) - Bezant Resources PLC Tuesday said it swung to a profit in its last financial year on the back of a payment related to the Mankayan project in the Philippines.
Bezant said it pretax profit for the year to June 30 was GBP3.9 million, compared with a GBP1.4 million loss in the previous year.
The profit was driven entirely by a GBP5.2 million payment the company received from Gold Fields Netherlands Services BV for the original option and option extension on the Mankayan project.
Last week, Bezant shares were given a boost after the company said a financial and technical review of the historic conceptual study at its Mankayan project had improved the economic feasibility of the project, making its search for a potential buyer or partner for the project easier.
Shares in the company were down 11.1% to 4 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Bezant Res (BZT)