Karelian Diamonds Net Loss Widens, Continues Finland Exploration
25 February 2015 - 07:54PM
Dow Jones News
By Alex MacDonald
LONDON--U.K.-listed diamond explorer Karelian Diamond Resources
PLC (KDR.LN) said Wednesday that its net loss during the first half
of its financial year widened but noted that it will continue to
move forward with its diamond interests in Finland after extending
a partnership agreement with Rio Tinto PLC (RIO).
The Anglo Australian miner has an option to earn a 51% interest
in any project identified by Karelian in Finland by paying the
direct cash expenditures incurred in developing the project,
subject to certain conditions.
The company reported a net loss of 121 million euros ($137
million) during the six months ended Dec. 31 compared with EUR97
million in the same period a year earlier.
Karelian's shares were down 2.6% at 0.9 pence a share as of 0809
GMT, resulting in a market capitalization of GBP2.7 million ($4.2
million).
Write to Alex MacDonald at alex.macdonald@wsj.com
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