Johannesburg - Listed mineral exploration company, Chrometco said it would look at consolidating and growing its chrome business to reverse the massive loss it recorded during the six months ended August.
The company yesterday said its loss surged to R11 million from the R4.5 million it reported during the corresponding period last year.
It said headline loss per share increased to 8 cents from 2c from the comparable period while its operating expenses increased from R3.8 million to R6 million.
Cash from operating activities decreased to R1.1 million from R1.9 million in the previous reporting period. The group said its operating cost increased on the back of the Sail acquisition.
Chrometco said its focus for the period under review was on consolidating the acquisitions it had made.
“The company entered into agreements with Sail Minerals and had to meet department of minerals activities to conclude the acquisition of the PGM prospecting rights from Nkwe Platinum SA and Realm Resource,” it said in a statement.