The operating loss fell to £3.5m from £31.7m previously.

Mercator managing director Patrick Harford said Mercator had now successfully reinvented itself as a mineral development company with a range of carefully selected projects and interests.

He said all of them had the capacity to deliver substantial returns, and some had already begun to do so.

He added: "Drawing on the expertise and experience of its directors, staff and advisers, the company will continue to develop its portfolio of assets, as well as acting to take advantage of new opportunities where appropriate."

Story provided by Business Financial Newswire