29th Sep 2015 12:11
LONDON (Alliance News) - Turkey and South America-focused miner Mariana Resources PLC on Tuesday posted a narrowed pretax loss for the first half of 2015, mainly thanks to lower foreign exchange losses.
Mariana said its pretax loss in the first half to the end of June was GBP2.9 million, compared to GBP3.8 million a year earlier, primarily due to the group only making GBP1.0 million in foreign exchange losses, down from GBP3.0 million a year earlier. Revenue in the half was up to GBP102,382 from GBP42,096.
The company has been focused on development work at the Hot Maden gold-copper project in Turkey, which has delivered a slew of positive results from the test work being carried out by joint venture partner Lidya Madencilik Sanayi ve Ticaret AS.
Mariana also has been working to progress its projects in Argentina, Suriname and Chile, the latter of which is set to see exploration work start soon.
The company said it has delivered on its strategy despite the tough operating environment for miners, though it said it will have to raise funding later in the year to back the development work at Hot Maden.
Shares in Mariana were down 4.9% to 1.95 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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