(Alliance News) - Cora Gold Ltd on Monday said it was focused on its application for a mining permit at its south Mali-based Sanankoro gold project, as it reported a widened interim loss.
The West Africa-focused gold developer said in the six months to June 30, pretax loss widened to USD2.6 million from USD954,000 a year ago. This was driven by USD1.8 million in costs relating to an impairment of intangible assets, up sharply from USD3,000. Further, the company reported USD485,000 in finance costs compared to none a year prior.
Cora Gold does not yet generate revenue.
Looking ahead, Chief Executive Officer Bert Monro said: "Following the recent promulgation of a new mining code in Mali, we look forward to the government's lifting of its moratorium on issuing new mining permits such that we may, in due course, progress application for a mining permit over Cora's flagship Sanankoro gold project. In addition, we look forward to providing progress updates on the funding of the Sanankoro gold project following the appointment of Atlantique Finance to act as sole adviser in the structuring and mobilisation of a medium-term loan of USD70 million to support funding the development of the project."
Shares in Cora Gold were down 4.9% at 2.52 pence each in London on Monday afternoon.
By Tom Budszus, Alliance News reporter
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Cora Gold (CORA)