LONDON (Alliance News) - Alecto Minerals PLC Monday reported a wider loss for the first half of the year as it booked a loss on currency translation of inter-company loans.
The minerals explorer in Africa reported a net loss of GBP688,882 for the six months to June 30, wider than the GBP400,767 loss it reported a year earlier, as it cut administration expenses slightly, but booked a GBP185,025 loss on the inter-company loan. It currently isn't earning any revenue.
"The 2013/2014 field season has now been completed and we have spent the summer months analysing our findings in order to re-focus our strategy and ensure an exciting year ahead. Accordingly, the board is considering a number of options, including further joint venture arrangements and/or potential funding opportunities, to finance the 2014/2015 field season, which is currently expected to commence in November 2014," it said in its statement.
Alecto Minerals shares were down 8.1% at 0.850 pence Monday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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