For its financial year ended 31st March 2015, Kariba Minerals Limited (Kariba) reported total revenues of K11.1 million (2014: K3.6 million) with a profit after tax of K0.06 million (2014: K10.0 million loss).
The period under review continued to be a challenge for Kariba. The company continued to meet its financial obligations from shareholders’ support, related parties, the company’s bankers and third party suppliers, and loans. Kariba acquired new mining equipment to improve production and turn the company around. Furthermore, In February 2015 Kariba held an auction of high grade amethyst alongside Gemfields Plc which grossed revenue of US$0.446 million. Kariba is projected to be profitable by 2018 contingent on the company getting additional support in the short term to meet its financial obligations.
There were no dividends declared during the financial year ended 31st March 2015 (2014: Nil).