Irish exploration company Glencar Mining said today it is considering repositioning itself due to the current slowdown in the precious and base metals sector and the somewhat unexciting short and medium-term forecast for those sectors.
Plans for the company's future strategy are being prepared at present and an announcement will be made as soon as possible, it added.
The comments accompanied results for the first six months ended June 30th 2001 which showed a pre tax loss on ordinary activities of $153,085, compared with a profit of $737,131 in the same period last year.
Sales stood at $11.349 million, a decline from $16.033 million previously.
The company added that the sale of it Wassa gold mine in Ghana is proceeding satisfactorily and the sale will be concluded around year-end, it added.
Glencar had invested about $30 million in the Wassa project in recent years, $5.35 million of this from a rights issue in June 2000.
Glencar’s Irish mining assets include lead-zinc prospects in Kildare and Meath.
One of Glencar's Irish assets is a small portion of the Navan lead-zinc ore body largely owned by Tara Mines, in turn owned by Outokumpu.