Kibo Mining PLC (LON:KIBO), which earlier this week completed the separate listing of its Imweru and Lubando gold mining assets in Tanzania, saw its shares tick higher today as the resources group unveiled its 2016 results.
In lunchtime trading, Kibo Mining shares were up 2.4%, or 0.12p at 5.38p.
The AIM-listed firm saw its headline loss per share hold steady at 0.01p for the year to December 31, although its diluted figure was a turnaround from earnings per share of 0.001p a year earlier.
READ: Kibo Mining's gold assets to list as Katoro on 23 May
Kibo saw its revenues decline to £18,039 in 2016, down from £44,181 a year earlier, reflecting a restructuring of its assets, while its pretax loss of £5.0mln compared to a £19,153 loss a year earlier which was flattered by a £3.18mln net impairment reversal.
The group’s administration expenses for 2016 declined to £1.653mln, down from £1.791mln in 2016, while its exploration expenditure increased to £1.717mln from £1.454mln a year earlier,
Kibo’s chairman, Christian Schaffalitzky said: “2016 saw our Company build further on the milestones reached during 2015 with the completion of a number of critical studies in regard to our flagship MCPP (Mbeya Coal to Power) project and the spin-off of our key gold assets (Imweru and Lubando) to a new gold focused company, Katoro Gold PLC.”
He added: “These strategic events were achieved while simultaneously levering the value created in the MCPP to arrange efficient funding mechanisms that minimised shareholder dilution.”