Asiamet narrows losses as costs decrease

Exploration and development outfit Asiamet Resources narrowed losses in the first half of its trading year on the back of decreased expenses.

Asiamet reported a loss of $4.2m for the six months ended 30 June, a 32% reduction year-on-year driven by a 27.5% drop in total expenses to $4.2m.

While the AIM-listed group remained debt-free, closing cash tumbled 82% to $460,000.

From an operations standpoint, Asiamet completed a feasibility study on its BKM copper project in Central Kalimantan, as well as updated JORC ore reserve and mineral resource estimates for the site.

And already in the second half of the year, Asiamet had inked a memorandum of understanding with China NFC for value engineering and engineering, procurement and construction management services for BKM.

As of 1040 BST, Asiamet shares had slumped 7.41% to 3.31p.