29th May 2014 08:14
LONDON (Alliance News) - Metals exploration company Minco PLC Thursday said it swung to a loss in the first quarter, mainly because it had booked a significant foreign exchange gain in the year-earlier period.
The company said it made a net loss of USD271,000 in the three months to end-March compared with a USD223,000 profit a year earlier when it had booked a USD404,000 foreign exchange gain.
In a statement, the company said its administrative expenses rose to USD292,000, from USD224,000 a year earlier, as it expanded its operations.
Minco is currently exploring potential manganese deposits in New Brunswick, Canada, base metals prospects in the Buchans area of central Newfoundland, and a potential zinc-lead deposit in the Pennines in northern England.
The company said it held USD8.9 million in cash and cash equivalents at the end of the first quarter, meaning its adequately financed to meet its planned programmes and business objectives.
It invested USD1.0 million in exploration and development in the first quarter. The book value of its mineral properties stood at USD12.3 million at the end of the quarter.
Minco shares last traded at EUR1.019.
By Steve McGrath; [email protected]; @SteveMcGrath1
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