Intrepid Mines has posted a first half loss of $US31.97 million ($30.86 million) as it aims to resolve joint venture problems and legal issues at its Indonesian operations.
Net loss after tax attributable to members in the six months to June 30 was US$31.97 million, compared to a $US15.53 million loss in the six months to June 2011, the company said in a statement today.
Revenue from ordinary operations was $US2.2 million, down 29 per cent from $US3.13 million during the same period.
The company's financial performance was driven by exploration expenditure incurred at Tujuh Bukit in Indonesia and Shyri in Ecuador as well as interest income and a stronger Australian dollar.
Intrepid said expenditure on exploration and evaluation in the half increased to $20.2 million, up 25 per cent from $15.2 million in the prior corresponding period.
Financing for the six months to June 30 was $700,000 due to a new share issue.
It comes almost a week after 660 company workers and seven expats were ordered from Intrepid's Tujuh Bukit gold-silver-copper project in Indonesia following a breakdown in relations with its minor Indonesian joint venture partner Indo Multi Niaga (IMN).
Intrepid says its priority is now to sort out issues at the mine after IMN shareholders ordered the workers to go home, but it concedes there is no certainty around the timeframe for resolving the issues.
"For the remainder of 2012, the consolidated entity's primary focus will be to resolve joint venture relationship and legal issues with IMN to achieve direct equity in the entity holding the Tujuh Bukit tenements," the company said in a statement.
Once this is achieved Intrepid says it will resume its exploration and evaluation program.
Intrepid has the majority economic interest of 80 per cent in highly rated Tujuh Bukit but had been negotiating with IMN - the operators - about turning that into a direct equity interest.
AAP