Katoro Gold to hit production targets ahead of schedule and on budget

Tanzania-focused gold exploration and development company Katoro Gold announced it was "well ahead of schedule, within budget and on course" to meeting its production objectives by the end of 2018.

For the six months to 30 June, the outfit posted £1.18m of losses before tax, versus £73.025 of red ink one year ago.

During the period, the AIM-listed company also reported that it had successfully completed the acquisition of Kibo Gold for £3.66m in May 2017.

Furthermore, post period-end an extended drill programme at the Imweru project, its main prospect, had been completed ahead of schedule and within budget, the company said.

Katoro also said it had prepared and submitted the mining right application for Imweru which it expected would occur much sooner than had originally been scheduled.

As as a result, and subject to funding, the outfit said it expected to start producing from Imweru over the next 18 to 24 months with an initial target of 50,000oz..

Louis Coetzee, the executive chairman of Katoro said: "We are very pleased with progress on the Imweru project. We are currently still well ahead of schedule, within budget and on course to meet our objective of commencing with production by the end of 2018."

Cash and equivalents at the end of the period stood at £1.495m, versus £1,609 one year ago.