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(Alliance News) - Xtract Resources PLC on Monday posted a widened annual loss on finance costs and said that it remains in active talks for an alluvial operation on an additional licence nearby the Manica project in Mozambique.
For 2019, the London-based junior gold miner recorded a pretax loss of GBP1.1 million compared with a pretax loss of GBP736,000 a year ago. This was attributed to finance costs totalling GBP341,000 in the year versus GBP108,000 finance income a year ago.
Revenue from gold sales surged to GBP1.4 million from GB892,000 following a rise in net gold production to 1,199 ounces from 1,508 ounces. Operating and administrative costs totalled GBP1.8 million, up from GBP1.7 million.
Chair Colin Bird said: "Against an uncertain climate the board are of the opinion that our portfolio is balanced and presents good opportunities for value accretion during the balance of this year and the mid-term".
Shares in the company were down 5.8% at 1.27 pence each in London on Monday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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