- Danakali reported wider losses as higher costs offset a rise in revenue.

For the six month period ended 30 June, pre-tax losses widened to $1.68m from $1.54m on-year, while revenue increased to £63m from $54m.

The company said it would focus on closing the required financing and proceed with bringing its Colluli sulphate of potash project closer to construction following easing lockdown restrictions in Eritrea.

'Following the significant milestones achieved towards the end of last year, we entered 2020 with a robust plan to significantly progress EPCM activities, bringing Colluli closer to construction,' the company said.

'As COVID-19 restrictions are being relaxed in Eritrea, access to Colluli is possible and we can prepare for construction. The business is well positioned financially with its existing cash resources,' it added.

'With a number of prudent reduction measures that had been taken to manage spend in Q2 2020, we are seeing a lower burn rate, and continue to follow a disciplined and balanced capital allocation policy.'

At 9:06am: [LON:DNK] Danakali Limited share price was 0p at 30p

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