Kemin Resources reduced its attributable loss to £232k in the six months to the end of June from £423k due to savings in administrative overheads.
The group also said it has decided to suspend further exploration work until both its licences have been renewed and the work programmes have been agreed with the Kazakh authorities going forward.
- The licence extension in relation to the Smirnovskoye (licence 1605) deposit has been approved until 1 August 2018
- The licence extension in relation to Drozhilovskoye (licence 1606) deposit is currently awaiting approval, with the contract extension expected to be received in the latter part of H2 2016
- Work programme halted until approval of both licences and detailed exploration programmes are agreed with the Kazakhstan authorities
- Continued support for the Company from its major shareholder
- Attributable loss reduced to £232k (2015: £423k), due to savings in administrative overheads
Chief executive Sanzhar Assaubayev said: At the current time the management have decided to suspend further exploration work until both licences have been renewed and the work programmes have been agreed with the Kazakh authorities going forward.
"The Board members are firmly of the opinion that the timing of development is key to maximising the returns to shareholders, and this opinion is shared by the major shareholder that remains committed to project development." At 1:04pm: (LON:KEM) Kemin Resources PLC share price was -0.13p at 1.5p