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Clontarf Energy PLC on Friday said its loss narrowed during 2024 on lower expenses, as the company looks to further project development in the year ahead. The oil, gas and minerals explorer with projects in Bolivia and Ghana said its pretax loss narrowed to £765,432 in 2024 from £870,061 in 2023. This was driven by administrative expenses reducing by 15% to £591,823 from £696,452. The firm said its joint venture technical partner’s initial pilot plant in India, NEXT-ChemX, is progressing well, with synthetic samples procesed during the year. Clontarf now has ‘the technical and commercial confidence’ to build larger-scale production plants as soon as legal and commercial requirements have been satisfied. In addition, Clontarf said it now intends to complete a memorandum of understanding with the Bolivian state lithium company, YLB, and process further large bring volumes through the pilot plant in India. ‘We are optimistic that the EU’s ’Global Gateway’ development initiative, perhaps treating Bolivian Lithium as a Beta project, may de-risk qualifying projects and finance infrastructural investment, which typically constitutes two-thirds of capex of new projects in virgin locations,’ said Clontarf. The company continued: ‘Few players worry about medium-term demand growth, which is expected to have grown by 10 times between 2020 and 2030 to 3 million tonnes of lithium carbonate equivalent (equal to three times the 2024 demand). ‘The market concern is to secure reliable long-term supplies of the quality necessary to fuel developing technologies in mobility, grid storage, and high-tech applications.’ Shares in Clontarf Energy were up 4.8% at 0.033 pence each in London on Friday morning. The stock is up 65% over the past year. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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