LONDON (Alliance News) - Eurasia Mining PLC Thursday said it significantly narrowed pretax losses in its first-half as lower administrative costs and lower loan payments offset reduced sales.
The platinum group metals and gold exploration and development company, with operations in Eastern Russia, said its pretax losses narrowed to GBP281,356 from GBP1.4 million for the six months ended June 30.
The company said its sales fell 84% to GBP10,055 from GBP62,223 but it offset the sales decrease as its administrative costs fell to GBP273,646 from GBP756,051 during the period.
The company also paid less cash this year to pay off a loan connected to a previous joint venture, they paid GBP136,152 compared to GBP651,006.
Eurasia is awaiting a production license for its West Kytlim project in the Ural mountains.
Eurasia Mining shares were down 3.70% to 0.650 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Eurasia Mining (EUA)