Horizonte Minerals H1 losses widen

7th Sep 2009 08:54

Brazil and Peru exploration and development firm Horizonte Minerals said losses for the six months ended 30 June swelled to £0.4m from £0.2m the previous year. Commenting on trading chief executive Jeremy Martin said, "Horizonte has made excellent progress during the last six months despite difficult market conditions." The group made no revenue in the six month period, unchanged from the previous year in what Horizonte said, 'has been a difficult time for the mining industry as a whole.'Horizonte added, "We have continued to add value to our portfolio of projects through exploration development and partnerships with mining majors." "With three active joint venture partners now secured, namely AngloGold, Troy and LGA, together with approximately US$9m of exploration expenditure under these agreements and a further agreement signed with Barrick Gold to develop the Pararapa Project in Peru, I believe we have a solid platform to generate significant value and deliver strong growth," said Jeremy Martin.