Australia-based Sovereign Metals Ltd. (SVML.L,SVM.AX), on Thursday reported wider pre-tax loss in its first half compared to last year, led by higher operating expenses.
To date, the Group has not commenced production of any minerals at Kasiya rutile-graphite project in Malawi.
Over the medium term, the firm intends to conduct further development activities at Kasiya.
In the first half, loss before income tax was $40.44 million, higher than previous year's loss of $18.60 million.
Loss per share from continuing operations was 6.62 cents, wider than loss of 3.34 cents a year ago.
Exploration and evaluation expenses were $33.90 million, significantly higher than $14.83 million in the previous year, in relation to the Kasiya project.
The interest income for the period was $2.04 million, higher than $1.82 million last year earned on term deposits held by the firm.
On the Frankfurt Stock Exchange, the stock was down 3.5 percent at 0.38 euros.
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