[Date Prev][Date Next][Thread Prev][Thread Next][Date Index ][Thread Index ]

Reuters-Indochina Goldfieldsyr net

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.