Exploration company Ennex International has posted a pre-tax loss of $254,000 (€259,000) for the first six months of the year.

The loss, up 38 per cent on the same period in 2001, comes on the back of consistently low zinc prices over the past two years.

Ennex is in the midst of a repositioning that culminated in July with an agreement to sell its Shaimerden zinc project in Kazakhstan. The company estimates that the deal could deliver a gross pre-tax royalty of $13.5 million over the life of the project.

As part of the reorganisation, Ennex is to apply for the cancellation of its dealing facility on the Exploration Securities Market of the Irish Stock Exchange. The company's shares will continue to be traded on the London-based Alternative Investment Market.