News Column

Kalimantan Gold Corp Reports Swing To Second Quarter Loss

September 1, 2014

Samuel Agini

LONDON (Alliance News) - Kalimantan Gold Corp Ltd, the exploration company with two projects in Kalimantan in Indonesia, Monday said it made a USD55,843 comprehensive loss in the three months ended June 30, compared with a USD88,316 profit in the corresponding period a year earlier.

Overall, Kalimantan Gold reported a USD234,495 comprehensive loss over the first half of its financial year, compared with a USD113,467 profit in the corresponding period last year. This was primarily due to a non-repeat of the USD249,301 received in management fees in the second quarter of 2013.

Earlier this year, Kalimantan Gold was rocked when Surya Kencana LLC, a subsidiary of Freeport-McMoRan Exploration Corp, which funded USD1.4 million of the PT Kalimantan Surya Kencana (KSK) contract of work exploration expenses in the half year, withdrew at the end of January from the companies' joint venture agreement.

"Numerous discussions with both foreign and Indonesian companies are progressing positively, with site visits conducted on the company's KSK and Jelai IUP projects to date," Kalimantan said in its statement Monday, referring to the mining business permit (IUP) at Kalimantan Gold’s Jelai gold project in East Kalimantan.

"Notably, with the withdrawal of SK LLC effective January 31, 2014, talks have begun with a number of Indonesian groups who had previously expressed interest in the KSK [contract of work] during 2013. The board continues to have discussions with these parties, and others, to discuss possible partnerships and ways forward," Kalimantan added.

Kalimantan shares were Monday quoted down 7.3% at 0.765 pence.

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Source: Alliance News

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