Richland Resources Ltd (LON:RLD) has announced a 44% increase in revenue and said it seeks to procure sufficient additional longer-term financing to enable the recommencement of production at Capricorn Sapphire mining operations in Australia.
The AIM-listed gemstones producer and developer said for the year ended 31 December 2017 its revenue was US$1.9mln, up from US$1.4mln.
READ: Richland secures £300,000 in new funding, plans restart at Capricorn
The group recorded sales from the Australian operations of US$1.8mln for the year and revenue from its online sales division was US$0.1mln, while net loss for the year rose to US$3.95mln from US$3mln.
Richland said in December 2017 mining operations were suspended because of adverse weather conditions, but the company has carried out regular and ongoing maintenance activities to keep the mine’s infrastructure and equipment in good order to be able to recommence production at short notice.
The company said in the third quarter of 2018, it will seek to procure sufficient additional longer-term financing to enable the recommencement of production later this year, and in the meantime, operations will remain suspended.
Richland said it plans to identify and evaluate opportunities to expand its gemstone business through the potential acquisition of additional gemstone projects and entering into marketing arrangements in relation to its own gemstones and those of third party producers.
In lunchtime trading, Richland’s shares fell 8.7% to 0.21p.