Firestone Energy: Interim loss narrows at operations

Firestone Energy made a net loss from continuing operations of $2.45 million (R26m) for the six months to December last year, compared with a $2.9m loss a year earlier, the dual-listed coal exploration company reported last week. The company, which is part of the Waterberg coal project joint venture, said it had a working capital deficit of $13.3m at year-end as it had to negotiate the terms of payment for some credit liabilities to ensure that they were not payable until Firestone had money to do so. Total finance costs increased to $2.03m in the period under review from $1.53m a year earlier. But it said the Waterberg project was close to completing fund-raising of $2.4m and expected to raise some equity in the near future from investment groups. The capital raising would help Firestone proceed with exploration. The stock was unchanged at 9c on Friday and yesterday. – Londiwe Buthelezi