LONDON (Alliance News) - Papua Mining PLC on Thursday reported a wider pretax loss in 2015 as it booked higher administrative expenses, but said it is hopeful of the opportunities presented at Mt. Visi.
The Papua New Guinea-based mining company, which doesn't generate any revenue, said its pretax loss in 2015 widened to USD10.2 million from USD2.8 million in 2014, as administrative expenses rose and finance income was reduced.
During the year, Papua Mining continued its drilling programme at the Tripela target in New Britain and also commenced a new drilling programme at the Mt. Visi prospect, also in New Britain. Exploration activity in its other licences in Papua New Guinea was "relatively modest", Papua Mining said, reflecting the "current depressed state" of the resource investment market.
"I am hopeful that we will succeed in our resolve to realise the value of the very exciting results obtained to date and that we will soon have the opportunity to increase that value with additional exploration drilling to intersect the orebody we believe to exist at Mt. Visi," Chairman Michael Jolliffe said in a statement.
Shares in Papua Mining were trading down 18% at 1.75 pence on Thursday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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