Despite overall improvements in efficiency and a reduction in operating costs, Navan Resources' loss before tax for the first six months of this year remains similar to the same period last year, due to difficult trading conditions and low prices in the metals markets.

The unaudited group results for the period show a post-tax loss of $5.7 million (€5.28 million), up from $5.4 million, and group turnover for the six months to June 1999 down to $21.5 million from $25.8 million in the same period last year.

The chief executive officer of Navan Resources, Mr Brian Calver, said that the group had reported a trading loss in the first half of 1999 as expected, with the loss planned as a part of the overall cost of bringing the Aguas Tenidas mine on stream.