Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) increased its investment in its Empire Mine as drilling continues at the site despite the gloomy wider economy.
“The outlook has deteriorated, at least in the short-term,” said chairman Marcus Edward-Jones. “Copper and sterling have both been extremely volatile, and currently sit at around 30% below their highs for the year,”
Investment in Empire increased to US$29.7mln in the six months to June, from US$18.6mln from the same period last year.
And the USA-focused exploration company added core drilling is ongoing at the copper mine.
Mineralisation was encountered at both its Red Star silver-lead deposit and its Navarre Creek gold project, with further exploratory drilling commencing at Red Star.
Net assets increased to US$38.2mln in the period from US$37.7mln, according to a statement.
However, Phoenix reported a loss of US$1mln “after charging an unrealised foreign exchange loss on sterling-denominated assets.”
Cash balance stood at US$9mln, while loans to operating subsidiaries increased to US$25.5mln from US$16.1mln, it said.
