28th Sep 2018 14:53
LONDON (Alliance News) - Eurasia Mining PLC on Friday said said its pretax loss narrowed in the first half of 2018 as it managed to reduce its operating costs.
The platinum and gold producer said pretax loss in the six months to the end of June narrowed to GBP972,243 from GBP2.1 million reported for the same period a year ago, as revenue rose to GBP447,545 from GBP183,998.
Administrative costs also fell year-on-year to GBP399,737 from GBP1.0 million and finance expenses reduced to GBP438,506 from GBP1.1 million.
The total amount of raw platinum produced from Malaya Sosnovka and Kluchiki areas in Russia, was 141.5 kilograms.
The company said it continues to break new ground at the West Kytlim project, which attained industrial scale production in May, at the Malaya Sosnovka open pit and had already attained full year production guidance by late July. Mining has now proceeded to Kluchiki open pit where work has been ongoing since August.
Kluchiki open pit occurs within a few kilometres of the Malaya Sosnovka area, downstream in the Tylai river system, Eurasia Mining said. Reserves and resources of 319 kilograms raw platinum were identified in the area.
"The first six months of 2018 have been very busy for the company," said Executive Chairman Christian Schaffalitzky.
"The company is now in a much stronger position, with robust plans in place for future development and steady annual production foreseeable each year at West Kytlim," added Schaffalitzky.
Shares in Eurasia Mining were trading 1.7% lower on Friday at 0.42 pence per share.
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