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Firestone narrows losses during half-year

14th March 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – JSE- and ASX-listed Firestone Energy on Friday reported a basic loss a share of $0.07 for the six months ended December 31 down from the $0.09 loss reported in the comparative 2012 period.

The group further narrowed its net loss from continuing operations to $2.46-million, down from $2.88-million previously, and experienced net cash outflows from operating activities of $596 123.

Firestone reported a working capital deficit of $13.32-million as at December 31.

As of Friday, Firestone had $11 955 in cash, with another $504 575 still available to draw down under a loan from The Waterberg Coal Company.

Further, during the period under review the company, which was a party to the Waterberg coal project joint venture, in Limpopo, continued to progress matters relating to the development of an opencast mining operation to produce ten-million tonnes a year of coal to State-owned power utility Eskom.

The resource statement for the Waterberg coal project currently stood at 3.88-billion tonnes of coal with coal in the measured category of 2.07-billion tonnes.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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