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(Alliance News) - Alien Metals Ltd on Monday said its loss narrowed in the first half of 2019 due to lower administrative expenses.
The mineral exploration company posted a USD595,000 pretax loss for the six months ended June 30, narrowed from USD1.1 million the year before. This was entirely the result of reduced administrative expenses, which fell to USD591,000 from USD1.1 million.
The firm reported no revenue in the period as it is still developing its assets in Mexico. It is also looking to potentially invest elsewhere.
"Management looks forward to continuing the diversification strategy of the company's asset base, including through the potential addition of a majority interest in the iron ore projects in Western Australia," said Alien Chair Dan Smith.
Shares in Alien were down 0.7% at 0.14 pence in London on Monday afternoon.
By Anna Farley; annafarley@alliancenews.com
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