LONDON (Alliance News) - Copper Development Corp on Tuesday said its pretax loss widened significantly in 2014 after it booked an impairment on its main asset amid a fall in the copper price.
Copper Development said its pretax loss for the year was USD16.9 million, compared to a USD5.4 million loss a year earlier. The loss for the company, which produces no revenue, was driven by surging impairment losses it booked in the year, rising to USD16 million from USD3.6 million.
The company said the company completed an internal review of the Hinoba-an Project over 2014 and, given the weakness in the global copper price, has decided to book a full impairment of the project, its main asset. It is now seeking buyers for the project, which is also based in the Philippines.
Shares in the company were down 17% to 1.002 pence on Tuesday, one of the worst performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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