Spur Ventures Lower After Reporting $500,000 Q2 Net Loss, Down 7.4% From Year-Ago Levels
Spur Ventures Inc. (SVU.V) is off a penny at 36.5 cents a share after the prospective fertilizer miner announced a $500,000 Q2 net loss, down from a $540,000 loss in the year-ago period after trimming its operating costs by $21,000 and a $25,000 increase in interest income. It finished the quarter with $23.4 million in cash on hand, up slightly from the end of 2010.
The company also said it is continuing to work on revising the joint venture agreement with its Chinese partners to develop the Shukongping and Dianziping phospate deposits, primarily aiming to forestall any additional cash contributions by Spur. Provincial officials earlier this month approved mining licenses for the project.
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