26th Sep 2013 09:00
LONDON (Alliance News) - Herencia Resources PLC Thursday said it widened its pretax losses in its first half as it prepares its Paguanta site for production.
The resource exploration and development company, operating in Australia and Chile, said its pretax loss widened to GBP1.6 million from GBP1.3 million for the six months ended June 30.
The company, which is yet to post any revenues, said its administrative expenses increased to GBP1.6 million as the company completed a range of developmental studies and applications at its flagship Paguanta Project in Chile.
The company wants to begin production at the site and is preparing to lodge a permit in the second-half to begin mining at the site.
The company also secured USD15 million in funding in March which it has been using to cover thedevelopment costs associated with bringing Paguanta towards production.
Herencia Resources shares were down 4.35% to 0.550 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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