LONDON (Alliance News) - Copper Development Corp Tuesday said it narrowed its losses in the first half, as investment and foreign exchange losses a year earlier were not repeated.
The company posted a pretax loss of USD330,532 for the six months to June 30, compared with a USD942,005 a year earlier.
Copper Development was boosted by a foreign exchange gain of USD4,417 compared with a USD176,626 loss a year earlier. A USD323,465 unrealised loss on investment and USD131,040 in impairment losses in the year earlier period were not repeated, while travel and entertainment expenses were reduced to a mere USD12 from USD9,994.
The group was formed primarily to engage in the exploration, development, mining and processing of minerals, petroleum and other mineral oils.
The company, through its holding company subsidiaries, own 92.5% rights to the Hinoba-an copper mine development project and a 70% interest in the Basay copper mine development project, both within the jurisdiction of the Republic of the Philippines.
In June, Copper Development said it is seeking buyers for its "financially attractive" Hinoba-an copper project on Negros Island in the Philippines. However, despite some interest, no firm purchase offer has yet been received.
As a result, the outcome of any sale is still highly uncertain given the continuing distressed global financial market conditions for mining companies, Copper Development said. Similarly, there have been no new developments on the Basay copper project, also on Negros Island, the company said.
Nonetheless, the company said it continues to minimise costs, by keeping its assets on a care-and-maintenance basis, whilst seeking prospective buyers. In addition, it is actively pursuing other potential acquisition, investment or merger opportunities.
Copper Development shares were quoted down 5.7% at 2.50 pence Tuesday.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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