LONDON (Alliance News) - Aurasian Minerals PLC, formerly Triple Plate Junction PLC, Monday said its pretax loss narrowed in its full year as expenses and impairments were reduced, while the company reorganised its operations.
The gold exploration company with operations in Papua New Guinea and Vietnam, which changed its name on May 20, said its pretax loss narrowed to GBP821,000 for the twelve months ended March 31 from GBP4.8 million the previous year.
The company, which is yet to produce any revenues, said its operating expenses reduced during the period, and its impairments for exploration and evaluation assets fell to GBP500,000 from GBP4.2 million previously.
During the period, the company was provided access to Newmont Mining Corp's South East Asian database of opportunities and brought in a team of experienced people to help develop operations in the region.
The company currently has an initial work commitment of up to USD450,000 to study areas of Cambodia, Laos and Myanmar, along with other countries, in order to seek out possible acquisitions or opportunities.
After the reported period in June, Aurasian said it will make a provision against the GBP500,000 carrying value of its investment in the Manus Island joint venture after partner Newcrest Mining Ltd decided to withdraw from the venture from July 16.
The Manus Island joint venture between Newcrest and Aurasian started in 2011. The project, located in Manus Province of Papua New Guinea, comprises 674 square kilometres containing identified mineralisation, including gold and porphyry copper targets. Aurasian now has a 10.38% interest in the project after Newcrest funded the initial exploration at the project under an earn-in deal.
Aurasian Minerals shares were down 6.7% to 0.420 pence on Monday.