(Alliance News) - Kore Potash PLC on Wednesday said its loss narrowed in its most recently ended financial year as it continues the development of its main project in Africa.
The UK-based developer of a potash project in the Republic of Congo said its pretax loss for 2020 totalled USD3.1 million compared to a USD4.2 million loss reported the year before.
The company explained that its loss narrowed amid a reduction in administrative expenses to USD985,438 from USD1.3 million year-on-year, while salaries, employee benefits and consultancy expenses fell to USD1.2 million from USD1.7 million in 2019.
"We have made good progress during the course of 2020. Despite the difficult circumstances facing the global economy Kore has been able deliver on planned workstreams and advance the projects," said Chief Executive Brad Sampson.
"Current rising food prices show the importance of fertilisers, including potash to the global economy," continued Sampson. "With this in mind we are all the more determined to maintain our momentum into 2021 and beyond."
Kore Potash shares were trading 22% lower in London on Wednesday at 1.40 pence each, while in Johannesburg, the stock was flat at ZAR0.39 a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Kore Potash (KP2)