LONDON (Alliance News) - Bezant Resources PLC posted an annual pretax loss on Tuesday as an option agreement boost it got a year earlier did not repeat, and said it is still working to secure a sale of or a partner for its Mankayan project in the Philippines.
Bezant said its pretax loss for the year to the end of June was GBP683,000, swung from a GBP3.9 million profit made a year earlier, which had been due to the group making a GBP5.2 million one-off gain on an option agreement. Bezant does not generate any revenue.
The group is working to secure a buyer or partner for its Mankayan copper-gold project in the Philippines, but has been hampered by the mining tax proposals in the country and uncertainty surrounding upcoming elections.
On Monday, the group said it had entered into an option agreement to potentially acquire Leewards Islands Exploration LLC, a special purpose vehicle with rights to buy interests in platinum and gold mining licences in Colombia.
Leeward owns the rights to potentially buy interests in near-surface, alluvial platinum and gold mining exploration licences in the Choco Department of Colombia.
Shares in Bezant were up 10% to 2.75 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Bezant Res (BZT)