Having taken a step back to review its business, Bezant Resources PLC (LON:BZT) says it now has a “clear focus” on how best to progress its portfolio of copper-gold assets.
Mining veteran Colin Bird was drafted in as executive chairman back in March, shortly after Laurence Read had taken up the role of chief executive.
READ: Bezant raises £800k to advance Mankayan project
Having offloaded its Choco platinum and gold project in Colombia for £385,000 in April, the company’s main focus now is on its Mankayan and Eureka copper-gold projects in the Philippines and Argentina respectively.
“During the reporting period, we have undertaken a significant strategic review and restructuring programme, resulting in the company now having a clear focus on generating value from its copper-gold asset portfolio,” said CEO Read.
“Our Colombian alluvial gold-platinum operations were successfully sold to a private acquirer and an intense phase of work has now commenced, as we work through the considerable information held on our Mankayan and Eureka projects.
He added: “Our belief in the Company's existing copper-gold portfolio continues to grow as we discover more facets to the projects and work closely with third party consultants to investigate the potential and unlock the inherent value of such promising assets.”
Bezant said it is “actively marketing” the Mankayan project to larger mining groups that might be interested in partnering up to help take it forward.
In the six months ended June 30, Bezant recorded a pre-tax loss of £483,000 (H1 17: £520,000). Having raised £800,000 in May, it ended the period with £1.1mln of cash.
Shares were up 5.4% to 0.39p on Friday afternoon.