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Mining company Rambler Metals and Mining booked a full-year loss after rising revenue was more than offset by expenses.
Pre-tax losses for the year through December amounted to $12.2m, compared to losses of $18.4m on-year.
Revenue rose 25% to $37.1m on the back of higher output, offset by a weaker copper price.
'The impact of the Covid-19 pandemic has been significant in the resource industry, most notably in the way work is accomplished within physical distancing guidelines,' Rambler said.
'Significantly, there has also been an economic slowdown leading to a lower copper price.'
'To manage these impacts, Rambler has scaled back production and reduced staff numbers, whilst also taking advantage of the Canadian government wage subsidy scheme.'
Production would slowly ramp up again as the copper price improved, with the company aiming to be at 1,500 mtpa by the fourth quarter of 2020.
At 2:12pm: (LON:RMM) Rambler Metals and Mining PLC share price was 0p at 1.75p