Bellzone Mining posts a pre-tax loss of $3.9m for the six months to the end of June - up from $3.7m a year ago.
The company's overall running costs increased by 4.5% compared to the first half of 2015. This was largely due to the interest on the US$13.7 million loan from major shareholder Hudson Global Group Limited (previously China Sonangol International (S) Pte Ltd).
Expenses from operating activities reduced by 3% compared with the first half of 2015 despite the increase in exploration activities required for the ferronickel project in the first half of 2016.
Given the closure of the company's office in Jersey office the relocation of finance and IT functions to Singapore and placing unutilised resources in Guinea on technical leave while finalising the feasibility studies on the ferronickel project, the company expects further cost savings in the second half of 2016.
At 9:44am: (LON:BZM) Bellzone Mining PLC share price was -0.05p at 0.18p