Irish mining company Ivernia West said today its second-quarter loss of $5.91 million was due to lower zinc prices, which hit a 10-year quarterly low, and increased interest charges.
The company said performance at the Lisheen Mine in Ghana had improved significantly during the second quarter compared to last year, with the mine processing more ore than during any previous quarter.
The company, which transferred its domicile and primary stock market listing to Toronto last year, said results from the current drilling program at its Magellan project further confirm the "excellent potential" for expanding the that project.
As at June 30th, 2001, Ivernia said it had a working capital deficiency of $19.7 million compared to a deficiency of $9.4 million as at December 31st, 2000.
The principal reason for the increase was a rise in the amount owing as the current portion of long-term debt for the Lisheen Mine, the company said.