28th Mar 2014 12:51
LONDON (Alliance News) - FinnAust Mining PLC Friday said its pretax loss widened in its first half as expenses and impairment costs hit the company.
The Finnish metals miner, which listed on AIM last December and is yet to produce revenues, said its pretax loss widened to GBP1.5 million for the six months ended December 31, 2013, from GBP52,276 in the same period a year before.
The company said its administrative expenses increased to GBP583,808 from GBP52,276, and it was hit by a GBP886,805 goodwill impairment charge through a business combination with Finland Investments PLC in December.
FinnAust said that its current cost per metre of drilling is under budget, and near mine drilling is planned in April to seek to extend the known mineralisation at its Hammaslahti open pit.
To date, 14 drill holes have been completed by the company on several geophysical targets near to Hammaslahti, but have so far not found economic massive sulphide mineralisation.
FinnAust shares were down 6.7% to 3.60 pence, having fallen to 3.00p earlier Friday, putting it among the biggest AIM fallers.
By Tom McIvor; [email protected]; @TomMcIvor1
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