Aminex See Significant Progress In Its Tanzania Assest

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UK-based Aminex Oil and Gas Production and Development Company, says there is now firm evidence of a gradual unlocking of the approvals processes in Tanzania – its main area of focus.

“We are encouraged that the delays the company has experienced over the past 18 months in being able to pursue our operations programme in Tanzania appear to be finally coming to an end,” chief executive Tom Mackay said.

“We continue to see significant potential in our assets in Tanzania and look forward to being in a position to deliver value for shareholders,” Mr Mackay added.

His comments came as the company reported a loss of $2.19m (€2m) for the six months to June 30, down from a loss of $2.36m in the same period last year.

The group reduced its administrative expenses by 20pc over the period, according to its interim results. Revenues from continuing operations amounted to $140,000, down from $340,000 last year.

The turnover during the first six months of 2019 related to the provision of technical and administrative services to joint venture operations, as there was no production from its Kiliwani North-1 site in Tanzania.

Meanwhile, Dublin-listed Ormonde Mining reported a loss after tax of €1.1m in the six months to end-June, an increase on the loss of €411,000 in the same period last year.

Of this, €1m related to its associate investment in the Barruecopardo tungsten mine in Spain, according to interim results from the company.

The group has a 30pc joint venture interest in the mine.

The loss represents the start-up period for the mine, from which first concentrate shipments are expected shortly.

Elsewhere, PetroNeft Resources reported a loss of $2m in the six months to June 30.

This was an increase on the loss of $1.2m seen in the same period of 2018.