30th Sep 2014 11:40
LONDON (Alliance News) - Xtract Resources PLC Tuesday said it is targeting positive cash flow from its Chepica gold-copper mine, following its transition to junior miner from junior explorer.
In its results for the first-half, the gold and copper miner posted a pretax loss of GBP1.0 million for the six months to June 30, compared with a GBP36,000 profit a year earlier. Administrative and operating expenses more than tripled to GBP944,000 compared with GBP251,000 a year earlier, as the company made the transition to junior miner from junior explorer.
The company said it will now focus on generating a positive cash flow from its Chile-based Chepica gold-copper mine, acquired earlier this year, in the next six months.
Xtract said it has invested in the mine and the site is poised to deliver planned returns during the coming months.
Xtract Resources shares were quoted down 15.6% at 0.173 pence per share Tuesday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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