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Gold miner Wishbone Gold posted a first-half loss and reiterated that it was switching its focus away from African and toward exploration properties in Australia.
Pre-tax losses for the six months through June amounted to $0.34 million, compared to losses of $0.54 million year-on-year. Revenue dropped 45% to $3.6 million.
'Given the situation in the trading markets and the uncertainty of the outcome of the Covid-19 crisis the company reviewed its strategy during the first half of 2020,' Wishbone said.
'We concluded that Wishbone should refocus on our exploration properties as our primary activity.'
'This decision was based in part on their location in Australia as against our primary trading markets of Africa.'
'We see Australia as more secure source of physical gold in the future with the uncertainty of Covid-19 continuing to have an influence in the coming years.'
At 9:16am: (LON:WSBN) Wishbone Gold PLC share price was -0.2p at 4.8p