(Alliance News) - Asiamet Resources Ltd on Tuesday said its loss for 2019 narrowed considerably as exploration and evaluation expenses lessened over the year.
For 2019, the copper and gold miner reported a net loss of USD7.2 million, narrowed from USD11.0 million the year before, as exploration and evaluation costs fell to USD3.2 million from USD6.2 million.
Other expenses, including legal, general and administrative costs, as well as for consultants, also fell over the year.
During 2019, Asiamet reported an upgrade to the Beutong project mineral resource statement, coming in at 2.43 million tonnes of copper, 2.11 million ounces of gold and 20.9 million ounces of silver.
In addition, the feasibility study for the BKM copper project in Indonesia was completed, showing a robust copper project with life of mine revenue of USD1.27 billion and earning before interest, tax, depreciation and amortisation of USD563.3 million.
Looking ahead, Asiamet has started value enhancement activities at BKM.
Shares in Asiamet Resources were up 7.1% at 2.73 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Asiamet Res (ARS)