LONDON (Alliance News) - Copper Development Corporation Monday said its pretax loss narrowed in its first-half as the company reduced investments and lowered its costs.
The copper mining and development company, with operations in the Philippines, said its pretax loss narrowed to USD942,005 from USD5.0 million for the six months ended June 30.
The company said losses connected to its investments fell to USD323,465 from USD1.6 million during the period as the company put finances in 2012 towards its acquisition of Crazy Horse Resources in the Philippines.
Copper Development also said its operating expenses significantly lowered to USD968,606 from USD5.0 million as it significantly lowered its director and consultant fees, salaries, travel costs and administrative expenses.
The company said it is in a strong position to preserve its cash balance of USD14.4 million at June over the coming year while continuing to review possibilities for a trade sale or joint venture of its assets.
Copper Development Corporation shares were down 6.42% to 2.55 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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