30th Sep 2015 15:14
LONDON (Alliance News) - Patagonia Gold PLC Wednesday said it continues to look to reduce costs in both the UK and Argentina in light of challenging market conditions, and reported a widened pretax loss for the first half of 2015.
For the half year to end-June the company reported a pretax loss of USD6.4 million, widened from a pretax loss of USD4.3 million, as revenue fell to USD14.0 million from USD15.6 million, and exploration costs rose to USD3.6 million from USD2.1 million.
The company said that raising equity in the current economic climate continues to be a challenge; its Lomada heap leach project remains its primary source of income, and it noted that despite lower production in the half year, the project will generate cash through the fluctuations in the market price of gold.
Shares in Patagonia were untraded Wednesday afternoon. It last closed at 1.42 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
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