(Alliance News) - Asiamet Resources Ltd on Thursday said its loss narrowed considerably in the first half of 2020 after an almost USD2.0 million drop in exploration and evaluation expenses.
Shares in Asiamet were up 8.3% at 2.54 pence in London in afternoon trading.
The AIM-listed copper producer is an 80% owner of the Beutong project and wholly owns the BKM copper project, both of which are located in Indonesia. For the six months ended June 30, Asiamet made a net loss of USD2.1 million, narrowed from a USD4.2 million loss the year before.
Asiamet is still developing its projects, so recorded no revenue in either year.
A sharp drop in exploration and evaluation expenses to USD571,000 from USD2.5 million accounting for most of the narrowing of the company's loss.
By Anna Farley; annafarley@alliancenews.com
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Asiamet Res (ARS)