
[miningmx.com] — Gold exploration and mining company
CENTRAL RAND GOLD LIMITED (CRG) said on Tuesday that it was not aware of any reason for the significant movement of its share price.
By 13:46 shares in CRG were flat at 34 cents a share but the stock has gained 6.25% this month to date. The stock was 10.33% higher in London at £3.31.
On Monday the company said shareholder Standard Life Investments had reduced its holdings in the company to 6%.
The stock could also be benefiting from the higher gold price. Gold touched record highs of more than $1 285 an ounce on Monday and was holding at around the $1 280/oz level since.
CRG last month reported that its first half net loss increased 19% to $17.3m from $14.6m previously, mainly due to lower interest received and lower foreign exchange gains on the back of lower cash balances.
The company’s operating loss, however, decreased by 22% to US$17.4m in the six months to end June 2010, from $22.4m for the six months to end June 2009.
This was mainly attributed to revenue from the sale of 3 085 ounces of gold processed from initial underground development ore, trial stoping and shallow surface materials.
During the first half of 2010, the company produced a total of 3,368 ounces of gold.