Erdene posts Q2 loss
The Dartmouth firm involved in developing the Donkin coal project has posted a larger second-quarter loss for 2011.
Erdene Resource Development Corp. reported Monday that its loss for the three months ending June 30 was $1.8 million (two cents a share), compared with a loss of $1.5 million (two cents a share) for the same period in 2010.
Revenues increased to $232,950, compared to $112,204 for the second quarter of 2010.
At the same time, the company’s exploration and operating expenses during the quarter rose to $996,566 from $567,094 in 2010.
Erdene attributed the increase to additional exploration drilling at two projects in Mongolia during the quarter.
Second-quarter expenditures for Donkin were $75,787, compared with $251,361 for the same period last year.
Besides the Donkin mine, Erdene’s other core project is the Zuun Mod molybdenum-copper project in Mongolia.
Erdene has a 25 per cent stake in the Donkin project, with mining giant Xstrata Inc. of London, England, taking the lead in the development. The operating company is called Xstrata Coal Donkin Management Ltd.
The companies hope that mine construction will begin in 2013, with the mine going into full production in 2014-15.
Erdene Resource Development Corp. reported Monday that its loss for the three months ending June 30 was $1.8 million (two cents a share), compared with a loss of $1.5 million (two cents a share) for the same period in 2010.
Revenues increased to $232,950, compared to $112,204 for the second quarter of 2010.
At the same time, the company’s exploration and operating expenses during the quarter rose to $996,566 from $567,094 in 2010.
Erdene attributed the increase to additional exploration drilling at two projects in Mongolia during the quarter.
Second-quarter expenditures for Donkin were $75,787, compared with $251,361 for the same period last year.
Besides the Donkin mine, Erdene’s other core project is the Zuun Mod molybdenum-copper project in Mongolia.
Erdene has a 25 per cent stake in the Donkin project, with mining giant Xstrata Inc. of London, England, taking the lead in the development. The operating company is called Xstrata Coal Donkin Management Ltd.
The companies hope that mine construction will begin in 2013, with the mine going into full production in 2014-15.
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