Minco swings to H1 loss
Minco Plc said that for the six-month period to June 30 it posted a loss of $513,000, from a profit of $79,000 for the same period ended June 30, 2015.
The loss for the six month period ended June 30, 2016 included a foreign exchange loss of $98,000 compared to a gain of $550,000 for the period ended June 30, 2015.
During the six month period ended June 30, 2016 Minco invested $264,000 on exploration of its mineral properties, of which the largest amounts were expended on the Buchans zinc lead project in central Newfoundland.
Administrative expenses, excluding foreign exchange, for the six month period ended June 30, 2016 amounted to $429,000 compared to $497,000 in the same period in 2015.
At June 30, 2016, Minco held mineral properties with a book value of $13,260,000, cash and cash equivalents of $3,313,000 and had a working capital surplus of $2,959,000, compared to a working capital surplus of $3,628,000 at December 31, 2015.
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