Accounts for Galmoy Mines Ltd, which is owned by Canada’s Lundin Mining, provide details on the wind-down of the lead and zinc mine in Co Kilkenny.
The mine was due to close in May 2009 and the mill was sold but an uplift in global mineral prices led to the life of the mine being extended and a contract being signed with the Lisheen mine in Co Tipperary to process the ore.
Lundin has provided €4.6 million for the remediation of the Galmoy site, which is valued on the books at a net €3.8 million, according to the accounts just filed. The valuation dates back to 2008.
Latest figures published by Lundin for Galmoy show how the wind down is progressing. It recorded operating earnings of $13.1 million for the nine months to the end of September 2012 – a full $12.4 million lower than the same period of the previous year.
Earnings were affected by “lower grade ore and higher mining and site costs”.
Mining at Galmoy ceased in the final quarter of last year although processing of stockpiled ore continued at Lisheen.
Lundin said “expenditures on land/ tailing rehabilitation, mine flooding/ sealing and replacement water supply activities are expected to increase over the remainder of the year as closure activities are completed”.
The liquidation of Irish Bank Resolution Corporation by the Government last week has led to a change in external PR advisers.
FTI Consulting has been hired by special liquidators Kieran Wallace and Eamonn Richardson to handle the voluminous media inquiries relating to the failed bank and consequences of its dramatic wind up last week.
IBRC (and Anglo Irish Bank before it) had used the services of Drury Communications. Drury even recently won a tender process to retain the account.
CC chief executive Stephen Glancy must have had mixed emotions about Celtic’s 3-0 loss to Italian club Juventus at in the Uefa Champions League at Parkhead on Tuesday night.
It’s no secret that Glancy is a big fan of Celtic and he must have been deflated by the result. On the flip side, the match was a great platform to plug CC’s Tennent’s Extra brand in Italy, where the export version of the Scottish lager is popular.
Unlike previous rounds of the competition, Celtic’s players sported the Extra logo on their shirts rather than just the Tennent’s name.
Celtic’s defeat means CC will likely get only one extra outing for the export brand before the Glasgow club bows out gracefully from the competition.
