LONDON (Alliance News) - Aureus Mining Inc Thursday said its net loss widened in its full year as legal fees, expenses and a large impairment hit the company.
The gold-mining company, with operations in Liberia and Cameroon, said its pretax loss widened to USD7.4 million in 2013 from USD5.9 million in 2012, as it moved up the development curve.
The company, which is yet to produce any revenues, said the losses were down to increased legal and professional fees, wages and salaries, and impairment charges, as it spent the year focused on obtaining financing and permits to build a gold mine in Liberia.
Aureus said that during the year USD2.5 million of historic losses recognised in equity were recycled through profit and loss due to a significant and prolonged decline in the fair value of the company's investment in Stellar Diamonds PLC.
However, the company said its construction of the New Liberty Gold Mine in Liberia is progressing on time and on budget, and it expects the first drawdown of its USD88 million New Liberty debt finance to be in April.
The news comes after Aureus announced in January that it found positive gold mineralisation following ten drill tests at its Ndablama Gold Project in Liberia.
Aureus shares were trading up 3.9% at 29.34 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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