1st May 2015 10:12
LONDON (Alliance News) - Minerals miner Minco PLC's on Friday said its loss narrowed in 2014 due to lower administrative costs and a foreign exchange gain.
Minco said its pretax loss for the year was USD2.6 million, compared to a USD4.4 million loss a year earlier. The loss was brought lower by reduced administrative costs in the year and a gain made on foreign exchange derivatives, which had booked a loss for the company in 2013. Minco generates no revenue.
In the year, Minco completed a preliminary economic assessment at the Woodstock Manganese Project in New Brunswick in Canada and continued work at the Buchans zinc-lead project in Newfoundland and on the Pennines zinc-lead project in northern England.
Minco shares were up 2.1% to 1.4551 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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