LONDON (Alliance News) - Salt Lake Potash Ltd said on Thursday its interim loss widened on higher expenses as it continued to develop its Lake Way project in Western Australia.
The potash company said its pretax loss for the six months to the end of December was AUD5.8 million from AUD5.4 million the year before, due to higher costs in exploration, corporate and administration.
The largest cost came from exploration and evaluation expenses at AUD4.7 million from AUD4.5 million.
Salt Lake Potash did not make any revenue during the period.
Currently, Salt Lake is in the process of construction the first phase of the Lake Way evaporation ponds, and is advancing a "whole of lake" scenario, including mineral resource estimates, permitting, approvals, pilot plant process testwork and the assessment of infrastructure.
At the end of the period, Salt Lake Potash had cash reserves of AUD12.0 million, more than doubled from AUD5.7 million as at June 30.
Shares in Salt Lake Potash were untraded on Thursday, last quoted at 28.80 pence.