Discovery Metals losses widen

Copper miner Discovery Metals has reported a fall in revenues and a rise in losses for the half year ended December 31st.

Loss before tax increased from $5.058m to $8.011m year-on-year, hit by revenues which fell from $1.42m to $0.3m.

This was partly attributable to a rise in salaries and consultant expenses, an increase in the amount spent on plants and equipment, and a non-cash cost of $0.7m for unrealised foreign exchange loss.

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Managing Director Brad Sampson said: "The half year financial results of the company reflect the continued progression of Discovery Metals towards becoming an operating copper and silver producer in the second quarter of 2012. We also continue to invest in the development of the Boseto copper project and exploration to find our next project in Botswana."

Basic losses per share rose from 1.51c to 1.59c. Cash fell from $98.9m at June 30th to $88.8m at December 31st.

The share price was down 4.23% at 102.00p by 12:24.

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