14th Jul 2020 16:09
(Alliance News) - Phoenix Copper Ltd on Tuesday said it expects the reminder of 2020 to be "very positive" after its loss narrowed in the first half.
The North American focused base & precious metals exploration company said its pretax loss for the six months to the end of June narrowed to USD569,759 from USD666,682 the year before amid a decline in administrative expenses to USD540,391 from USD663,253.
Phoenix Copper did not generate any revenue in either year as it is currently developing Empire mine in Idaho, US.
Investment in Empire mine increased to USD12.8 million during the period from USD10.9 million a year ago.
Net assets increased to USD13.5 million in the first half compared to USD10.6 million a year prior.
"We expect the remainder of 2020 to be very positive on many fronts, full of activity, and we look forward to updating all our stakeholders as we continue to understand and develop what is without doubt the prolific Empire ore system," said Chair Marcus Edwards-Jones.
AIM-listed Phoenix Copper shares were trading 0.9% higher in London on Tuesday at 28.26 pence each.
By Evelina Grecenko; [email protected]
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