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Katoro Gold posts first-half profit following sale of Imweru project in Tanzania

By BFN News | 01:15 PM | Tuesday 22 September, 2020


Gold and nickel miner Katoro Gold posted a first-half profit after it booked a gain on the sale of the Imweru gold project in Tanzania. Pre-tax profit for the six months through June amounted to £0.36m, compared to a profit of £0.43m on-year. Katoro sold Inweru to Lake Victoria Gold for a staged cash consideration of up to $1.0m and a 1.5% net smelter royalty. During the reporting period, it also advanced the Haneti polymetallic project in Tanzania to a drill-ready status with several high priority targets. In addition, it entered into a 50/50 joint venture agreement for the near term producing Blyvoor gold tailings rroject in South Africa. 'With a pending drill programme at Haneti and Blyvoor advancing rapidly to financial close, the remainder of 2020 is looking to be a news rich period for all shareholders,' executive chairman Louis Coetzee said. At 1:15pm: (LON:KAT) Katoro Gold Mining Plc share price was 0p at 2.3p Story provided by StockMarketWire.com

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