Sunrise cautious amid funding constraints

MINING business Sunrise Resources has reported an interim pre-tax loss of £749,000.

The Macclesfield-based company, which has been mining various sites in Canada, Finland, Ireland and Australia, reported a similar figure last year.

In its report for the six months to March it said it was taking a cautious approach to expenditure as the equity markets have “remained challenging for junior exploration and mining companies”.

“Equity funding has only been available at deep discounts to already depressed share prices,” said the company.

Chairman Patrick Cheetham said: “Whilst uncertainty still surrounds the direction of future commodity prices, I am pleased to report that the market for rough diamonds is showing tentative signs of recovery consistent with a strong medium term outlook. In the past few days, a number of producers have reported higher prices and an increasing number of buyers in their latest sale tenders. I look forward to reporting on further progress with our projects and in particular on our Cue Diamond project in the coming months.”