30th Sep 2014 11:44
LONDON (Alliance News) - Amur Minerals Corporation Tuesday said its loss in the first-half widened on the back of a fair value loss on derivative financial assets.
The company, which makes no revenue, said its pretax loss for the six months to June 30 came in at USD5.3 million, up from USD2 million a year earlier.
The loss was pushed wider by a fair value loss on derivative financial assets of USD3.7 million.
The company said it is set to focus on resuming detailed exploration activities at the Kun-Manie project in Russia once the mining licence for the site is awarded.
"We are at a point where multiple tasks are coming to completion simultaneously. The award of the production licence will certainly change Amur from an explorer to a pre-production focused company," said Amur Chief Executive Robin Young.
"It is very rare that a company discovers an economically viable operation, in fact recent annual discovery rates of major deposits has declined to range from 10 to 20 per year most of which are gold deposits," he added.
Amur Minerals shares were up 3.2% at 4.9 pence per share Tuesday afternoon.
By Sam Unsted; [email protected]; @SamUAtAlliance
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