LONDON (Alliance News) - Metminco Ltd said Thursday that its loss for the first half of the financial year narrowed significantly as the company did not incur losses on disposal of assets.
For the six months to June 30, the miner posted a pretax loss of AUD5.6 million, or around GBP3.1 million, compared to AUD30.7 million a year prior. The reason for the steep reduction is that in the six-month period, the South American-focused gold producer did not have losses on sale of assets, versus AUD27.2 million costs a year ago.
Furthermore, Metminco said it entered into an unsecured loan facility arrangement of AUD500,000 with private investors on Thursday, maturing in six months.
Shares in Metminco were temporarily suspended from trading on the AIM market of the London Stock Exchange and from the Australian Securities Exchange on Thursday, in relation to a proposed capital raising and acquisition.
The company expects the shares to start trading again on Monday, or earlier, if an announcement regrading the acquisition is made.