LONDON (Alliance News) - ECR Minerals PLC Monday said its loss was slightly narrower in the last financial year after it reduced some of its costs.
The mineral exploration and development company said its pretax loss amounted to GBP1.5 million in the year ended September 30, 2015, compared to the GBP1.7 million loss booked a year earlier as the company spent less on administrative expenses.
Those administrative costs fell to GBP1.0 million from GBP1.4 million, partly offset by marginally higher costs elsewhere.
"With its existing projects, ECR has a firm footing in gold exploration, but the directors are cognisant of the fact that the ongoing turmoil in the minerals industry may create opportunities to grow the company's interests from this platform," said Chief Executive Stephen Clayson.
"This does not mean that the time is nigh for a headlong rush into a great multitude of projects simply because they are available, but does mean that new avenues may be open for the Company to apply its measured, realistic approach to exploration and mining. We are especially interested in doing so in ways which are complementary to our existing interests and strengths, and hence our attention tends to be focused on the Philippines and South East Asia, Australia and Argentina," he added.
ECR's current assets comprise of the Danglay gold project in the Philippines and the SLM gold project in Argentina, alongside a subsidiary in Australia.
ECR shares were down 6.5% to 0.0222 pence per share on Monday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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