Ovoca Gold net loss triples in H1
MOSCOW. Sept 30 (Interfax) - Irish company Ovoca Gold plc, which is implementing gold ore projects in Magadan region saw its net losses triple year-on-year in the first half of 2013 to $8.85 million, the company said.
Consolidated losses amounted to $18.2 million, compared to $5.7 million in the first half of 2012. Operating losses climbed 73.7% to $9.8 million.
Cash and equivalents together with financial assets for sale amounted to $31.3 million, against $35.1 million at the end of 2012. Ovoco Gold obtained $753,000 in dividends from Polymetal International plc .
The company owns 1.4 million shares, or 0.4% of Polymetal. Ovoca Gold received 775,000 Polymetal shares when it sold its license to export and develop the Olcha gold and silver deposit in January.
Ovoca explores and developes the Stakhanovskaya, Rassoshinskaya and Nevsko-Pestrinskaya license sites in Magadan region.
Ovoca said the company has carried out technological and analytical research at the Stakhanovskaya site and analyzed the economic viability of the project in accordance with Russian standards. The resulting materials were submitted to the Russian State Reserve Agency, which is reviewing them.
Ovoca Gold has completed conservation works at the Stakhanovskaya and Rassoshinskaya sites in preparation for the winter season.
The Ovoca website says the company's main shareholders are the executive board chairman Mikhail Mogutov and non-executive director Yuri Radchenko, while nominal shareholders include - BBHISL, Bank of New York, Citibank, Trikeri Investments Limited, Euroclear, Chase Nominees Limited. There is a free float of around 40.36%.