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LONDON (Alliance News) - Kefi Minerals PLC Thursday said its pretax loss more than doubled due to increased costs as it looks to move from explorer to producer by 2016.
Kefi, the gold exploration and development company, reported a pretax loss of GBP1.9 million for the six months ended June 30, compared to a GBP811,000 loss in the first-half of 2013.
Kefi saw increases in administrative costs to GBP729,000 from GBP294,000 alongside exploration costs rising to GBP76,000 in the first-half of 2014 from GBP47,000 in the comparable period in 2013.
The company has no revenue and said its cash and cash equivalents shrank to GBP1.4 million at June 30 from GBP3.3 million at June 30, 2013.
In August, Kefi gained full ownership of the Tulu Kapi asset in Ethiopia from Nyota Minerals Ltd. To fund the acquisition as well as all of the costs to reactivate the mining license for the site by the end of 2014, Kefi undertook a private placing of shares to raise GBP2.1 million, it said.
"We are on the cusp of becoming a junior gold developer... on track to commence development (of Tulu Kapi) next year and production in 2016," said Managing Director Jeff Rayner.
Kefi Minerals' shares were down 2.4% to 1.41 pence per share Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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