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Papua Mining First-Half Pretax Profit Narrows With Reduced Exploration

LONDON (Alliance News) - Gold and copper mining company Papua Mining PLC's pretax loss narrowed ...

Alliance News 13 September, 2017 | 4:26PM
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LONDON (Alliance News) - Gold and copper mining company Papua Mining PLC's pretax loss narrowed for the half year ending June 30, with the company citing low levels of exploration activity and much reduced administration costs as the cause.

Pretax profit narrowed to USD116,616 from USD248,798, with exploration costs for the period falling to USD1.9 million from USD9.6 million.

Papua said no field exploration activity was carried out during the first half, and data collation and review led to the surrendering of three licences deemed not attractive enough.

Papua said it was decided the company would focus on the three most important licences it possesses, where the bulk of exploration expenditure is made.

Shares in Papua were down 4.8% Wednesday at 1.38 pence.

By George Collard; georgecollard@alliancenews.com

Copyright 2017 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Papua Mining PLC 1.23 GBX -7.55 -
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