Navan Mining said today losses increased in the first half as sales declined on the back of falling metal prices and reduced acid sales in Spain.
It warned that the outlook for the second half is "not encouraging" with metal prices and the acid market expected to remain depressed.
"Current levels of metal stocks around the world are high which does not point to a short-term recovery in metal prices," it said.
Pre tax losses widened to $6.46 million from $4.34 million, while sales dropped 14 per cent to $20.9 million.
Navan said high-grade gold deposits has been confirmed at a second site at the Krumovgrad project in Bulgaria.
It said both mining operations at Chelopech in Bulgaria and at Almagrera in Spain are now fully capitalised and metal output from each continues to improve.
AFP