Irish exploration company Celtic Resources has reported a pre-tax profit of £561,000 sterling in the six months to June.
Today's results marked a swing to profitability compared to a loss of £512,000 in the previous six-month period.
Its results were boosted after the company increased its stake in the Suzdal gold mine in Kazakhstan to 100 per cent from 40 per cent in mid 2002.
The company said it began construction work last month that is necessary for it to exploit the Suzdal sulphide deposits.
Chairman Mr Peter Hannen also said the company has received encouraging responses to its investment presentations, helped by the strong gold price.
He said the company is focusing on acquiring the remaining 50 per cent of the South Verhoyansk Mining Co Ltd from Investment Group Alrosa.
AFP