Monday April 21, 01:53 PM
EMED mining losses widen on evaluation costs
LONDON (ShareCast) - Shares in EMED Mining slipped back as losses rose last year due mainly to evaluation costs at a Spanish copper mine. Pre-tax losses in 2007 increased to £8.4m from £2.5m, even as revenue climbed to £2.5m
from £1.9m. The losses included £3.9m in evaluation costs at the Rio Tinto (Frankfurt: 855018 - news) mine in Spain. EMED said it had made progress towards restarting production at the mine, in which it intends to acquire a 100% stake.Exploration during the year focussed on the Biely Vrch, Kralova and Slatinske gold prospects in Slovakia, with recognition that Biely Vrch is a gold porphyry system lifting the company's exploration potential, Emed said. "EMED Mining has made excellent progress on our existing goals in 2007, as well as finding new potential especially at our existing sites in Slovakia," managing director Harry Anagnostaras-Adams said. "We continue to work toward triggering our option to acquire and restart copper production at the Rio Tinto Mine in Spain, and we are cautiously optimistic that our conditions precedent will be satisfied."
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