LONDON (Alliance News) - Tungsten and molybdenum exploration and development company Kemin PLC posted a widened pretax loss for 2013, hit by share-based payments.
The company changed its name to Kemin from GMA Resources PLC in May 2013 after it acquired Joint Venture Kazakh-Russian Mining Company LLP.
It posted a pretax loss of GBP3.1 million for the year, widened from GBP178,000 in 2012, hit by a share based payment of GBP2.6 million.
It is not yet producing any revenue.
During the year, the company released a pre-feasibility study which showed that both its Drozhylovskoye and Smirnovskoye projects in Kazakhstan could be developed.
The company said its objective going forward would be to complete a re-classification of the reserves and resources at the projects to a statement compliant with the Joint Ore Reserves Committee. It is targeting the completion of this reclassification by the third quarter of 2014.
"With strong demand for specialized steel in the market, this is a great time to be moving these two large, high grade tungsten and molybdenum assets from exploration to development," said Chief Executive Sanzhar Assaubayev in a statement.
Shares in Kemin closed up 7.9% at 8.90 pence Friday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @hanassallnews
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