30th Jun 2014 12:15
LONDON (Alliance News) - Amur Minerals Corp Monday said its pretax loss narrowed slightly in 2013 as higher administrative expenses were offset by lower finance costs.
The nickel-copper exploration company focused in far east Russia, which is yet to produce any revenues, said its pretax loss narrowed to USD3.8 million from USD4.0 million the previous year.
The company said an increase in administrative expenses was offset by a fall in its finance expenses, reducing its pretax loss.
Amur Minerals is currently developing its assets in the far east of Russia and it is hoping to achieve its mining licence for the site in the near future.
At the start of the year, the company decided to start a technical and economic review of its sites reflecting new incentives, such as lower export taxes and improved metallurgical recoveries.
However, Amur said the new design and review, which is nearing completion, now also takes into account higher operating and capital costs in its first quarter.
The company said it is debt free with cash in the bank of USD2.4 million at December 31.
Amur Minerals shares were down 13% to 3.38, putting it amongst the top ten AIM All-Share fallers on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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