Glencar sees €1m loss
Mining company Glencar has said it saw a loss of $1,450,961 (€1m) for the financial year ending December 2006.
The company's primary exploration focus is on the Komana West deposit in southern Mali where Glencar is completing its fourth phase of drilling.
Today's announced loss includes for the first time, under new accounting rules, an imputed cost to the company of the issue of share options to directors and staff.
Glencar's accounts are denominated in dollars and the company said: "Due to the decline of the dollar over the last year, certain costs whose underlying currency is the euro, appear as increased costs in US dollar terms."
