Graphite miner posts K3.8 billion annual loss - The Nation Online: Sovereign Metals Limited, an Australian Stock Exchange (ASX)-listed mining firm conducting a feasibility study for graphite at Malingunde in Lilongwe, has posted pre-tax loss of $5.2 million (about K3.8 billion) largely due to exploration expenditure.
This is on top of another loss of $3.6 million (K2.6 billion) posted the year before, according to the company’s 2018 annual report.
But mining expert Grain Malunga, who is also former minister of Natural Resources, Energy and Mining, in an interview, argued that under normal circumstances, the firm was not supposed to post losses as mining has not yet started.
He said the miner is only in research stage.
This is on top of another loss of $3.6 million (K2.6 billion) posted the year before, according to the company’s 2018 annual report.
But mining expert Grain Malunga, who is also former minister of Natural Resources, Energy and Mining, in an interview, argued that under normal circumstances, the firm was not supposed to post losses as mining has not yet started.
He said the miner is only in research stage.
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