Metminco narrows loss as it progresses projects

Metminco posted its report for the half year to 30 June on Tuesday, with a loss before tax of $1.13m, narrowing from the $1.93m loss a year ago.

The AIM-traded company still delivered negligible revenue, with the interim figure being $192, down from $3,340 in the first half of last year.

It was still developing its assets, with the Quinchia Gold Portfolio coming into its ownership towards the end of the period.

It was currently seeking funding for the completion of a feasibility study and environmental impact statement, with a view to having the project permitted and the development funded by the end of 2017.

At the Los Calatos Copper-Molybdenum project, it reached agreement with CD Capital Natural Resources to fund the completion of the pre-feasibility and feasibility studies, with an initial investment of $16m to fund an infill drilling programme.

Metminco’s third project, Mollacas, the company has now settled and terminated all outstanding claims with the landowner over access, and it was now assessing options over securing access for mining purposes.

“The period has seen the completion of two very significant events for the company, the first of which resulted in Los Calatos becoming a genuine development option through securing a financial partner and, secondly, our entrance into the gold sector with the acquisition of Miraflores Compania,” said Metminco managing director William Howe.

“The focus is now firmly on advancing our near term and robust Miraflores Project in Colombia through to feasibility and construction finance.

“I am pleased we have exited a period of significant headwinds for the sector with two highly promising projects, and we look forward to updating our shareholders as we progress both projects towards development,” Howe added.”