LONDON (Alliance News) - Kemin Resources PLC on Tuesday reported a wider pretax loss in 2015, but said it is encouraged by future prospects for the company.
The molybdenum and tungsten exploration company said its pretax loss in 2015 widened to GBP1.3 million from GBP870,000 in 2014 as it booked higher finance expenses of GBP377,000 and due to the devaluation of the Kazakh tenge.
Kemin, which operates in Kazakhstan, does not generate revenue.
The company said both the Drozhilovskoye and Smirnovskoye deposits remain "very attractive" projects for Kemin, and because of their relatively high grades, low strip ratios and their proximity to China, they remain "outstanding investment opportunities".
"The recent stabilisation of molybdenum and tungsten prices is encouraging and we continue to evaluate future demand for both minerals in neighbouring China. Through the work programme currently underway we are enhancing our understanding of the geological resources so that we will be able to move quickly to project development and production once the economic climate is more favourable," Chief Executive Sanzhar Assaubayev said in a statement.
Shares in Kemin were untraded on Tuesday, last quoted at 1.76 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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