(Alliance News) - Cora Gold Ltd on Monday said its loss widened sharply on overhead costs in the fist half of 2020 as it continued to develop its flagship Sanankoro gold project in southern Mali.
The miner posted a USD623,000 pretax loss for the six months ended June, far exceeding the USD397,000 loss reported the year before. The entirely of its loss in both years was attributed to overhead costs.
Highlights from the interim period include the appointment of new Chief Executive Bert Monro, as well as positive results from a scoping study and bulk sample programme at Sanankoro.
Monro said: "The year to date has been an active time for the company on all fronts with significant progress made in particular on the Sanankoro gold project. The combination of a very positive scoping study, with an 107% internal rate of return at a USD1,500 [per ounce] gold price, and a recent USD21 million term sheet to fund the construction of Sanankoro, puts us in a strong position as we move in to the next stage of development.
"We are very much looking forward to our next season of work programmes with the bigger picture of working towards the completion of a [definitive feasibility study] on Sanankoro by the end of 2021."
Shares in Cora were down 2.4% at 9.28 pence in London on Monday.
By Anna Farley; annafarley@alliancenews.com
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Cora Gold (CORA)