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Reuters-Indochina Goldfieldsyr net
- Subject: Reuters-Indochina Goldfieldsyr net
- From: tinkyi@xxxxxxxxxxxxx
- Date: Tue, 18 May 1999 21:35:00
Subject: Reuters-Indochina Goldfieldsyr net loss US$63.1mln
Monday May 17, 7:13 pm Eastern Time
Indochina Goldfieldsyr net loss US$63.1mln
SYDNEY, May 18 (Reuters) - Mineral producer Indochina Goldfields Ltd
(Toronto:ING.TO - news) said on Tuesday it had made a net loss of US$63.1
million for the year ended December 31, 1998.
This compares to a net loss of US$116.9 million in the 1997 year.
The company said US$43.4 million of the 1998 loss was attributable to
writedowns in the carrying value of gold-related mineral properties and
investments due to weakness in the gold price.
The company said the highlight of the year was the start of production at
Myanmar's S&K copper mine, part of the Monywa copper project in which
Indochina Goldfields holds a 50 percent interest.
Indochina Goldfields said the S&K mine had produced 6,181 tonnes or about
13.6 million pounds of LME Grade A cathode copper at a total minegate cost
of US$0.25 a pound in the first quarter of 1999.