LONDON (Alliance News) - Bezant Resources PLC Wednesday said its pretax loss was largely flat in its first-half and that it has decided to scale down operations in Argentina.
The natural resource exploration and development company, with operations in the Philippines, Argentina and Tanzania, and which is yet to produce any revenues, said its pretax loss was largely flat at GBP798,000 for the six months ended December 31 compared to GBP769,000 the previous year.
Bezant Resources said its administrative expenses also stayed largely flat at GBP710,000 rather than USD722,000 the previous year and its share of associates loss increased to GBP89,000 from GBP50,000 in 2012.
The company said it had GBP3 million cash at the end of the period and remains well funded to pursue its ongoing exploration work programmes in the Philippines and Argentina.
However, Bezant said that, following Gold Fields Netherlands Services BV's decision in January not to exercise its exclusive option to acquire the company's Mankayan project in the Philippines, it continues to look to secure a new potential acquirer or partner for the project.
The company added that it has taken the decision to scale back its exploration work in Argentina in order to better focus on delivering a satisfactory outcome for the future of our Mankayan Project.
Bezant Resources shares were down 2.4% to 8.78 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Bezant Res (BZT)