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Asiamet narrows losses

On 21 August 2019, an MoU was signed with China NFC for value engineering and EPCM services for the BKM Copper project

BKM copper mine

Indonesia-focused copper mine developer Asiamet Resources Limited (LON:ARS) drastically reduced half-year losses in the first half of 2019.

Exploration and evaluation expenses were lower at US$2.53mln compared to US$3.7mln in the first half of 2018, while employees benefits dipped to US$1.1mln from US$1.2mln.

The loss before tax narrowed to US$4.2mln from US$6.2mln the year before.

Cash at the end of June stood at US$460,00, down from US$2.68mln a year earlier but since then the company has raised US$2.1mln through the issue of new equity.

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