Low metal prices and depressed equity markets combined to end a 6-year string of profits for Imperial Metals (TSE). The company reported a loss of $4.47 million, or 21 cents per share, during its fiscal year ended March 31. This compares with net income of $1.8 million, or nine cents per share, in the previous year.
Imperial attributed the loss to its share of affiliate Cathedral Gold’s writedown of gold properties, writedowns on a number of its own properties, and the writedown of an investment in affiliate Colony Pacific Explorations. Operating income was reported as $85,000 on operating revenues of $4.47 million for the fiscal year, compared with $509,000 on revenues of $4.98 million in 1990.
Imperial recently increased its interest in the Mount Polley copper-gold project in British Columbia to 60%, with the Imperial group holding a 100% interest.
The company also has a 17.6% interest in the Crow Butte uranium mine in Nebraska which was recently placed into production, and an indirect interest in the advanced Parys Mountain polymetallic project held by affiliate Anglesey Mining in Great Britain.
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