29/02/2008 - 15:46

Monarch loss increases as development proceeds

29/02/2008 - 15:46

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Michael Kiernan's Monarch Gold Mining Co Ltd has reported a $17.6 million loss for the half year to December 2007, as the company proceeds with the acquisition and development of a series of gold mines.

Monarch loss increases as development proceeds

Michael Kiernan's Monarch Gold Mining Co Ltd has reported a $17.6 million loss for the half year to December 2007, as the company proceeds with the acquisition and development of a series of gold mines.

The loss in the previous correspnding half was $4.3 million.

The company generated revenue of $8.6 million from continuing operations, up from just $65,000 previously.

Its operating mine costs were $24.4 million whle its administration costs jumped to $4.5 million.

Monarch recently announced a revised production plan, which it hoped would make it cash flow positive in April 2008.

 

 

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