Aterian says half-year loss widens on higher costs

(Alliance News) - Aterian PLC on Thursday reported a widening of its interim loss as costs increased.

The London-based mining firm, formerly known as Eastinco Mining & Exploration PLC said in the six months ended June 30, pretax loss widened to GBP858,000 from GBP233,000 a year prior, as administrative expenses multiplied to GBP813,000.

Additional expenses were incurred on the mineral exploration over the HCK project in Rwanda, establishing the mineral trading business in Rwanda and finalizing mineral exploration in Morocco, the firm explained.

Aterian reported no revenue in the first half of the year, unchanged from the year before.

Shares in Aterian were trading flat at 0.77 pence each in London on Thursday morning.

By Sabrina Penty, Alliance News reporter

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