Finland and Austria-focused miner Finnaust Mining saw its loss for the financial year ended 30 June 2014 rise to £2.4m from £400,786 in the same period a year earlier.The company, which is yet to generate any revenue, said impairment costs and higher expenses had contributed to an increased net loss.Finnaust remained positive for the future after its fully-funded drill programme at its Hammaslathi Copper Project in southern Finland identified a new mineralised area, which could be extended to the north and to the south of the current site."Our programme has already been highly productive, having led to the possible discovery of at least four separate plunging lodes at the Hammaslahti Project," said group executive director Alastair Clayton."With drilling on-going, we are excited to receive further results in the coming months, which we are confident will add value to our portfolio for the benefit of shareholders."The group said that in December last year it had to pay a £1.2m goodwill impairment charge through a business combination with Finland Investments, while administrative expenses rose from just over £400,000 to £1.2m.Finnaust shares were down 4.35% to 2.75p at 15:01 on Tuesday.DC