Navan posts loss after difficult half year

Navan Mining incurred a post tax loss of $7.9 million for the half year compared to a loss of $6.6 million for the first half of 2001.

But the company said it has raised $21 million in new equity and restructured its business.

The exploration company described the first half of this year as a "very difficult period" as it dealt with the cash flow crisis of late 2001.

The company said its Spanish operation had incurred $2.5 million in cost overruns and settlements with a number of previously unidentified creditors.

Navan added a settlement agreement is being negotiated with Enron.