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(Alliance News) - Asiamet Resources Ltd on Friday said its loss narrowed in the first half of the year due to reduced exploration and evaluation expense.
Shares in Asiamet were down 3.5% at 3.45 pence in London in late morning trade.
Asiamet's pretax loss for the six months ended June 30 was USD4.2 million, narrowed from USD6.2 million the year before. This was primarily due to a 32% reduction in expenses from evaluation and exploration to USD2.5 million from USD3.7 million.
A number of other expenses fell as well, including employee benefits, consultant fees, accounting and audit charges and general and administrative costs.
The copper and gold miner recorded no revenue in the first half of either 2019 or 2018 as it is still developing its projects, including the BKM copper project in Indonesia.
As at June 30, the company's cash stood at USD460,000, having been USD2.7 million at the end of 2018. On August 20, following the end of its financial year, Asiamet completed a USD2.1 million equity raise.