26th Sep 2014 14:04
LONDON (Alliance News) - Herencia Resources PLC Friday said its loss narrowed in the first half of the year, as it booked a foreign exchange gain compared with the currency-related loss a year earlier.
The Chile-focused mineral exploration and development company, which is yet to generate any revenue, reported a pretax loss of GBP683,502 for the six months to June 30, compared with a loss of GBP1.6 million in the first half of 2013.
During the period the company booked a foreign exchange gain of GBP918,874, compared with a foreign exchange loss of GBP1.6 million a year earlier. The company recorded higher administrative expenses in the first half of this year.
During the first half, the company said its successfully completed its first drilling programme at its Picachos copper project in Chile. The company said it believes the Picachos project can be brought into production within the next 12 to 18 months.
Earlier this month, the company said it had entered into a memorandum of understanding regarding the negotiation of a toll treatment agreement for the Picachos copper project and said initial test results at the site indicate the potential for an underlying porphyry system at depth.
Shares in Herencia Resources were trading 5.7% lower Friday afternoon at 0.415 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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