11th Nov 2013 09:39
LONDON (Alliance News) - EMED Mining Public Limited Monday said its pretax losses have widened slightly in its third quarter despite lower exploration costs and care-and-maintenance expenses.
The Europe-based minerals development and exploration company said its pretax loss widened to EUR3.8 million for the three months ended September 30 from EUR3.7 million in the same period 2012.
The company is yet to post any revenue, as the company completes preparations towards the development and production stage of its operations in Spain. EMED said Monday the Spanish government affirmed its objective to process EMED's mining permit applications by the end of 2013.
EMED lowered its exploration expenses to EUR99,000 from EUR399,000 and its care and maintenance expenses to EUR775,000 from EUR2.1 million during the period, as a reduction in the company's operations in Slovakia and lower expenditure at the Rio Tinto Copper Project helped finances.
However, these savings were offset by a significant increase in administrative expenses to EUR2.3 million from EUR954,000 the previous year as corporate costs, including outlays, legal costs, administrative salaries, and travel hit the company.
In September, EMED's managing director and chief executive officer, Harry Anagnostaras-Adams, resigned and was replaced on an interim basis by Rodney Halliday.
EMED Mining shares were up 6.0% to 8.35 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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