Tower Resources Posts 2014 Loss

reported a wider 2014 pretax loss. Tower posted a pretax loss of $56.6 million for the year, versus a year-ago pretax loss of $3.3 million. Its revenue came in nil in the period. The company recorded $50.6 million in impairment charge in 2014, versus no impairment charges in 2013. At the end of December, the company had USD7.9 million in cash balance, versus USD17.5 million at the end of 2013. "2014 was a very active year for Tower with a focus on de-risking and further diversifying our African portfolio into South Africa, Zambia and Kenya," said Chief executive Graeme Thomson.