26th Jun 2020 13:08
(Alliance News) - Amur Minerals Corp on Friday said its performance improved in 2019, and it is looking for further investment opportunities.
The nickel, copper and sulphide exploration company reported a narrowed pretax loss for 2019 to USD2.3 million compared to USD3.3 million in 2018, as administrative expenses fell to USD2.0 million from USD2.2 million. Amur booked no revenue either year.
In 2019, the company said it spent USD500,000 on exploration costs compared to USD2.0 million the year prior, mostly in relation to the TEO work programme.
Amur Minerals said it spent USD1.9 million on other operating costs, less than USD2.6 million the year before, with a significant proportion of this reduction due to a restructuring in executive management.
Looking ahead, Amur said it is actively seeking to invest in mining opportunities in the near future that are either near cash flow or are already in production in established mining jurisdictions.
This is to provide revenue streams to fund corporate activities.
AIM-listed Amur Minerals shares were trading 8.7% higher in London on Friday afternoon at 1.50 pence each.
By Evelina Grecenko; [email protected]
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