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LONDON (Alliance News) - Anglesey Mining PLC said Friday it is looking for new opportunities after results for the first half of its financial year showed a narrowed loss.
For the six months to September 30, the miner focused on the development of its Parys Mountain zinc-copper-lead project in Wales, posted a pretax loss of GBP137,117 compared to GBP167,186 a year prior, on the back of lower expenses.
As the company currently does not produce, it did not generate any revenue.
During the six-month-period, the company has been focusing on advancing operations at Parys Mountain to achieve its target of getting the mine into production "at the earliest date possible".
Looking ahead, Anglesey forecast the need for further funding to cover for continuing
expenses as well as the maintenance and development of its mineral properties.
The miner said: "We remain confident that demand for metals will remain strong and the outlook for commodity prices will remain positive for the foreseeable future. There will be occasional pressures on price by external geopolitical forces but the underlying growth of the emerging industrialised nations particularly China will support demand growth in the longer term."
It added: "We will also continue to review the commercial and development opportunities for our iron ore projects and look for other new opportunities as they present themselves."
Anglesey shares were trading down 7.4% at 1.58 pence.
