CIC Energy makes a loss

The loss for the three and six month periods are attributable to non-capitalised exploration expenditures, administration and personnel costs, the company said in a statement on Wednesday. Capitalized exploration costs amount to $105 million (P674.1 million), with exploration costs for the six-month period totaling $18 million (P115.6 million).

The first phase of the Mmamabula energy complex, was to have involved the construction of a 2, 100 to 2, 400-MW power station and a ten-million ton a year associated mine.