30th Sep 2013 08:51
LONDON (Alliance News) - Amur Minerals Corporation Monday said its pretax loss narrowed significantly in its first half, as asset gains offset higher administrative expenses.
The nickel-copper sulphide mineral exploration-and-development company, with operations in the Russian far east, said that its pretax loss narrowed to USD2.0 million from USD6.4 million for the six months ended June 30.
The company is yet to post any revenues.
Amur Minerals said its administrative expenses increased to USD1.6 million from USD1.3 million during the period as it increased the number of tests on site and continued to develop its mining licence through the relevant authorities in Russia.
The company recently passed two key hurdles in its journey to receive its mining licence at the Kun-Manie project after confirming that the Department of Defence and the Federal Security Service have approved the company's mining license.
The company narrowed its losses as it made a fair-value gain on its assets this year of USD455,000 compared to a loss of USD4.5 million in the previous year.
Amur remains debt-free and is fully funded for its ongoing plans towards production, it said.
Amur Minerals shares were down 2.1% to 7.15 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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