|
Kazera Global PLC on Thursday said its annual results will not be published before the end of the year, due to delays at its wholly-owned subsidiary African Tantalum (Proprietary) Ltd.
The diamond and rare earths explorer now expects to release its results for the financial year that ended June 30 during February. As a result, its shares will be suspended from trading on AIM in London from Tuesday next week, the first trading day of 2023.
Kazera shares were down 24% at 0.80 pence at the open in London on Thursday, following the announcement.
Kazera expects a loss of £1.1 million on income of £107,000. Kazera explained that financial 2022 was hampered by limited operational availability of the processing facility at Muisvlak. Without this, the company was unable to sell diamonds during the year.
The Muisvlak was run by South African mining firm Alexkor Ltd. During the year, Kazera took over and successfully ran the facility for some time before withdrawing due to ‘political and economic factors’.
Since the end of the financial year, Kazera has acquired a pan plant and jig to enable it to bypass the Muisvlak facility entirely. This has allowed it to submit highly concentrated gravel for sorting, thus increasing cash inflows from its operations.
By Heather Rydings, Alliance News senior economics reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2022 Alliance News Ltd. All Rights Reserved.
|
