Kolar Gold reveals plans to expand network in India

Kolar Gold on Monday announced plans to increase operations in India and close down its Australian office early this year.

Kolar Gold on Monday announced plans to increase operations in India and close down its Australian office early this year.

The closure of the Australian office is part of a cost saving plan for the gold exploration and mine development company. It will see Chief Executive Officer, Nick Spencer, and General Manager, Chris Clowes, operate out of the Bangalore head office of the group's partner Geomysore Services India (GMSI), allowing them to focus on India production.

Kolar and GMSI are working to secure new gold licences and partnerships with local mining companies in India.

The move follows a review of the corporate and exploration strategy which revealed cash reserves of £6.5m at December 31st.

"Kolar is entering an important period and it is key that we strengthen our team in India and focus efforts with GMSI and partners on a number of key gold licence permits and projects," Kolar Gold Chief Executive Officer, Nick Spencer, said.

"We are confident that this is the most prudent way to utilise our funds to achieve maximum shareholder value over the longer term. We remain committed to building India's leading gold exploration and mine development company with an increased portfolio of well funded, quality gold projects."

Shares climbed 1.28% to 9.88p at 14:10 Monday.

RD

Recommended

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
25 Nov 2022
Share tips of the week – 25 November
Share tips

Share tips of the week – 25 November

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
25 Nov 2022
Investing in a recession: 5 moves investors should make now
Investment strategy

Investing in a recession: 5 moves investors should make now

As we enter a recession, here’s what investors should do with their portfolios.
23 Nov 2022
It’s time to focus on Fuller’s
Share tips

It’s time to focus on Fuller’s

The pub sector has had a torrid two years, but this group is resilient and poised to prosper. We take a closer look at Fuller’s.
21 Nov 2022

Most Popular

Wood-burning stove vs central heating ‒ which is cheapest?
Personal finance

Wood-burning stove vs central heating ‒ which is cheapest?

Demand for wood-burning stoves has surged as households try to reduce their heating costs this winter. But how does a wood burner compare with central…
29 Nov 2022
Fan heater vs oil heater – which is cheaper?
Personal finance

Fan heater vs oil heater – which is cheaper?

Sales of portable heaters have soared, as households look to cut their energy costs. But which is better: a fan heater or an oil heater? We put them t…
21 Nov 2022
Best regular savings accounts – November 2022
Savings

Best regular savings accounts – November 2022

You can earn an attractive rate on the best regular savings accounts. We tell you the best on the market to take advantage of right now
29 Nov 2022