1st Oct 2019 14:56
(Alliance News) - Amur Minerals Corp on Monday said its loss narrowed in the first half of 2019 due to positive fair value movements and a gain on loan modification.
Shares in Amur were down 5.2% at 1.83 pence in London on Tuesday afternoon.
The miner posted a USD1.3 million pretax loss for the six months ended June 30, versus a USD1.6 million loss the year before. This was due to a gain on fair value movements on derivative financial instruments of USD191,000 and USD115,000 gain on loan modification. No such gains were reported in 2018.
Administrative expenses rose to USD1.2 million from USD1.1 million, however.
Non-Executive Chair Robert Schafer said Amur Minerals is focused right now on completing the Kun-Manie nickel-copper sulphide project permanent conditions TEO and definitive feasibility study and has "undertaken considerable work this year in the planning, scheduling and the preparation of data for the TEO work programme to run as efficiently and cost effectively as possible."
Kun-Manie is in the far east of Russia.
"A good start has been made and there are some high-value outputs to be expected," said Schafer.
By Anna Farley; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
AMC.L