Last checked at 
LONDON (Alliance News) - Kefi Minerals PLC Wednesday said its pretax loss widened in 2014 as administrative and finance costs rose, but said both its main projects remain on schedule.
The exploratory miner, which does not generate any revenue, reported a pretax loss of GBP4.0 million, compared with a GBP2.6 million loss in 2013, as administrative expenses rose to GBP2.1 million from GBP779,000 and finance costs totalled GBP413,000 compared to nil a year earlier.
The company's focus is on completing the definitive feasibility study for the Tulu Kapi gold project in Ethiopia during the second quarter of 2015, and, at the same time, securing the planned project financing to enable construction to commence in late 2015.
An updated pre-feasibility study for the heap leach mine at the Jibal Qutman project in Saudi Arabia will be conducted in the third quarter of 2015, and is expected to be completed in the middle of 2016.
"As a result, Kefi is on schedule for commencing development in 2015, commissioning in 2016 and production in 2017 at Tulu Kapi. This is expected to be complemented by progress at Jibal Qutman in Saudi Arabia, in particular, as well as at Kefi's other exploration targets. Consequently, the Board remains confident of delivering value to shareholders," it said in a statement.
Kefi shares were down 2.6% to 0.877 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
