Metminco Loss Narrows As It Presses On Towards Gold Production

3rd Apr 2018 11:35

LONDON (Alliance News) - Exploration firm Metminco Ltd reported on Tuesday a significantly narrowed loss for 2017, while its cash position was also stronger year-on-year.

Metminco's portfolio includes the Quinchia project in Colombia and the Loica, Vallecillo, and Mollacas projects in Chile.

Australia and UK-listed Metminco posted a pretax loss of AUD35.2 million for 2017 compared to AUD124.1 million in 2016. The latter year included a AUD121.5 million loss on the loss of control of a subsidiary.

There was no revenue in 2017, compared to AUD389.00 in 2016 due to interest received from "other persons".

Metminco's cash position in 2017 increased to AUD834,377 compared to AUD71,548 the year before, mainly to due additional fundraising and the sale of its interest in the Los Calatos project for AUD6.6 million.

Going forward, the company is to keep exploring and developing its assets, with a plan to become a gold producer "in the near term".

Shares were down 17% on Tuesday at 0.50 pence each.

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