Affected by steep falls in sales prices for tungsten in world markets, Canada Tungsten Mining reported a net loss of $17.2 million ($1.45 per share) in 1986, compared with a net loss in 1985 of $28.9 million ($5.05 per share).
The company mines and concentrates scheelite (calcium tungstate), and in its annual report quotes a Metal Bulletin average 1986 scheelite price of $50(US) per stu, compared with $67 in 1985. Wolframite (iron manganese tungstate) was also selling at a low price at year-end.
The company reported sales in 1986 of $23.4 million, down from $30.5 million a year earlier.
The company closed and mothballed its Tungsten mine in the Northwest Territories last year at a cost (including caretaking) of $6.3 million. Operations had been suspended at the mine earlier in the year because of a strike.
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