LONDON (Alliance News) - Copper Development Corp Wednesday reported a narrowed pretax loss for the first half of 2015, as it plans to sell its Hinoba-an copper project in the Philippines and transition into an investing company.
For the half year to end-June the company reported a pretax loss of USD261,228, narrowed from a pretax loss of USD330,532 a year before. It did not post revenue in either period.
It has agreed a deal to sell Hinoba-an on the back of downgrades in market consensus of long-term copper prices. It proposes, subject to shareholder approval, to changes its name to Life Science Developments Ltd and adopt a new investing policy to focus on biotechnology, life sciences and related technology.
Shares in Copper Development were down 0.4% at 2.07 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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