Metminco narrows losses as disposal fees come off the books

Metminco saw its losses narrow significantly during the first half of its trading year.

For the six months ended 30 June, Metminco turned in a pre-tax loss of AUD $5.6m, marking an 81.76% improvement on the previous year, as unlike a year earlier, the South American-focused gold producer was not hit with any losses from the sale of its assets.

Metminco returned a loss per share of 4.83p, a marked improvement from the 25.38p loss reported a year earlier.

Cash and equivalents more than doubled throughout the half to AUD $1.70m, but total assets slipped 4.3% to AUD $15.77m

The company's shares were temporarily suspended from trading in relation to a proposed capital raising and acquisition but it expected trading to restart on Monday, or earlier if an announcement regarding the acquisition is made.

The exploration firm also announced it had entered into an unsecured loan facility arrangement with private investors to the value of $500,000.

Metminco shares were suspended at 0.35p.