Patagonia Gold’s losses narrow

Argentina-focused miner Patagonia Gold yesterday posted pre-tax losses of $8.8m (£5.6m) for the first half of 2013, compared to $12.4m in the first half of 2012. The company had cash of $0.7m at the end of the period. “[The firm’s] cash position doesn’t fill one with confidence, although it did announce in July that its Lomada [gold] project was now cashflow positive, with the free cash flow to enable it to continue the exploration program on its flagship properties,” said Investec.