Katoro Gold PLC (LON:KAT) has released its financial results statement for 2017, a year in which the company made transformational changes.
In May, the group completed the acquisition of Kibo Gold for £3.66mln and completed a work programme – under budget and ahead of schedule – which included a preliminary pre-feasibility study.
READ: Katoro Gold takes a long, hard look at the economic feasibility of Imweru
It continued the assessment of the Imweru project’s economic viability, based on the pre-feasibility findings and new mining regulations in Tanzania – it expects this work to be completed by the end of the second quarter or early 2018.
The company has, in the meantime, suspended all ongoing work at the Imweru project until it reaches a final decision.
Katoro also intends to test the viability of another mine development at Lubando, by conducting an initial scoping study, and it is looking to diversify its portfolio.
The pre-revenue company ended the year with £564,840 of cash and it reported a £1.9bn loss for the 12 months.