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Amedeo Resources digs in and waits for upturn

The group has an indirect stake in Chinese shipyard YZJ Offshore, which is preparing to deliver its first rig, and a 49% stake in metals trader MGR
picture of copper miner
Amedeo has taken a stake in a copper miner

Amedeo Resources PLC (LON:AMED) is digging in and waiting for an upturn in metals and the oil rig markets.

“Despite the current difficulties in both the marine vessels market and the and commodity markets, Amedeo is well resourced and remains focused on long term strategy of building a vertically integrated business in the resource and energy and related infrastructure sectors,” it said in its interim statement.

READ: Amedeo Resources acquires stake in producing copper miner

The group has an indirect stake in Chinese shipyard YZJ Offshore, which is preparing to deliver its first rig, and a 49% stake in metals trader MGR.

In January, Amedeo acquired a 2.5% stake in copper miner Ganjin Kani for US$500,000 and it will work with MGR on supplying the metal to East Asia.

Losses in the half year to June were US$717,000 (US$632,000), while current assets fell to US$3.5mln (2016:US$4.6mln).

Cash at end June dropped to US$1mln from US$4mln primarily because of the acquisition of GKC and a £1.8mln loan to MGR in January.

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