Orosur Mining swings to small first-quarter profit
StockMarketWire.com - South America focused gold producer Orosur Mining swung to a small first-quarter profit as it focused on projects in Colombia and Uruguay.
Net profit for the three months through August amounted to $0.09m, compared to losses of $6.58m on-year.
Orosur in August received the second of four half-yearly $500k cash payments from Newmont Goldcorp as part of a previously announced exploration agreement for the Anza project in Colombia.
'During the year ended May 31, 2018, the board adopted an ambitious strategic plan to restructure its business, and recapitalize and transform the company by advancing the Anza project in Colombia, as well as finding a fair solution in Uruguay for all stakeholders and reducing its activities in Chile,' the company said.
'The strategy remains unchanged and on course.'
At 2:05pm: (LON:OMI) Orosur Mining Inc share price was -0.15p at 3.65p
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