Glencar Mining, which poured its first gold at the Wassa mine in Ghana earlier this year, recorded a loss before tax of $2,786,275 (€2.58 million) in 1998, compared with a profit of $148,494 (€137,000) in 1997.

The loss was due mainly to a $2,573,016 write-off in connection with the cost of gold exploration in Mayo, incurred 10 years ago. The write-off follows last August's adverse High Court judgment and the surrender of its Mayo licences.