A net loss of US$23 million was reported by Dakota Mining (DKT-T) for 1996, compared with a loss of about US$9 million in 1995.
The Denver-based company says last year’s loss includes non-recurring expenses of about $16.4 million resulting from asset writedowns and other expenses.
The 1996 results reflect an operating loss of about US$2.8 million from the company’s Stibnite mine in Idaho.
The company says the grades of ore mined last year at Stibnite (particularly in the fourth quarter) were lower than originally anticipated.
The company intends to continue drilling in order to confirm and expand existing resources.
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