Greenland gold mining in the red

NunaMinerals made its biggest gold discovery last year, but ended up with a massive loss

Greenlandic gold mining company NunaMinerals will keep on drilling after ending last year with a loss of 60.7 million kroner before tax, EPN finance newspaper reports.

It is significantly higher than the 2012 loss of 15.5 million kroner, but the loss was expected at NunaMinerals as the company went through drastic changes last year.

"The general financial development at NunaMinerals went as expected in 2013," the company wrote in a press release. "But modifications made to the licence portfolio of 54 million kroner have hurt the total account."

The company invested 15 million kroner in mineral exploration last year, mainly focusing on gold in the Nanortalik Gold Province in south Greenland and fieldwork related to the Qeqertaasaq licence.

Made biggest gold discovery
The exploration for gold in the Nanortalik Gold Province has resulted in the richest gold discoveries in the history of the company, but gold wasn't enough to lift NunaMinerals from the financial ditch as the company still has limited resources and needs additional funding.

Despite last year's loss, the gold-driller maintains high expectations and will invest a further 36 million kroner into mineral exploration in Greenland over the next year.

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