Triple Plate Junction posts first-half profit

Mining company Triple Plate Junction Plc reported a pre-tax profit of £20k for the six months to September, against a 2009 loss of £0.18m.

The results included £569,000 of profit on disposal of the group's holding in Gold Anomaly Limited.

It said it was fully funded through to the end of 2011 following a £2.5m equity placing in September, convertible loan notes repayment and exercise of warrants.

The company said it had experienced a number of positive commercial developments in recent months as its projects in Papua New Guinea continued to develop, with Hides Creek in the Morobe JV with Newmont looking particularly exciting.

The next six months would see drilling start on at least one and possibly as many as three projects, with a fourth later in 2011.

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13/12/2010