Aur posts quarterly loss

Toronto-based Aur Resources (AUR-T) posted a net loss of $1.7 million on revenue of $26 million for its latest quarter ended March 31, compared with earnings of $526,000 on revenue of $23.6 million a year earlier.

The loss was attributed to a reduction in the carrying value of Aur’s 5% stake in Cambior (CBJ-T), losses incurred on the sale of a 5% stake in Inmet Mining (imn-t), and other marketable securities, which together totalled $4.7 million.

Earlier this year, Aur made a failed takeover bid for Cambior. The company has since secured rights to buy a 76.5% interest in the Quebrada Blanca copper mine in Chile. This US$262-million deal is expected to close in June.

Aur produces copper and other metals from the Louvicourt mine in Val d’Or, Que., and cathode copper from the Andacollo mine in Chile. The company’s combined share of production from these two mines in the first quarter of 2000 was 16.7 million lbs. copper, 3.1 million lbs. zinc, 76,000 oz. silver and 2,600 oz. gold.

Aur expects that the acquisition of Quebrada Blanca will boost its annual copper production to more than 200 million lbs. annually from 69 million lbs.