Glencar Exploration has increased its loss before tax from £199,322 in 1995 to £1,238,372 in 1996. A major part of the loss, £878,575, was attributed to the write off of its investment in the Hungarian uranium mining project. The write-off arose following an adverse arbitration finding.

Glencar also had to contend with unrealised currency losses of £260,532. The loss per share amounted to 2.7p compared with a loss of 0.56p.

Glencar noted that a major achievement in 1996 was the acquisition of the additional interest in Wassa Holding from the Emerging Markets Gold Fund. This led to the control of the Wassa project which is reflected in the rise in shareholders' funds from £9.2 million to £30 million. The feasibility study on Wassa is expected to be completed in July.