StockMarketWire.com - Discovery Metals posts a consolidated group loss of $6.966m for the six months to the end of - up from the $4.908m a year ago.
The group said the result was consistent with the ramp up in activity, manning and costs as it moves through project development at the Boseto project in Botswana and prepares for copper-silver concentrate production in the second quarter.
The results exclude the $51m unrealised mark-to-market gain (after tax) reported on the Boseto hedge book.
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."
The company said its cash and cash equivalents balance of $98.9m results from funds remaining from the 2010 equity raising and drawings on the Boseto project finance syndicated debt.
Story provided by StockMarketWire.com
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