Equatorial Mining & Exploration posts a pre-tax loss of £139,000 for the six months to the end of June - down from £316,000 a year ago.
EME says that with limited available funding it has has been unable to progress to undertake a reasonable core drilling programme and has no operational results to report.
The company says it remains unproven whether it has commercially viable coal within its tenements, which requires further exploration to determine. Without this knowledge,it has come to the realisation that investor sentiment is not positive on the region or sector.
It says the board is considering other minerals and other countries which might be of greater interest and has started early exploratory talks with a range of parties.
The minerals in discussion include gold, anthracite, diamonds and specialist metals.