Writeoffs at the Crowfoot/Lewis mine in Nevada and the now-closed Tartan mine in Manitoba helped push Granges (TSE) into a $22.3-million loss for the three months ended Sept. 30.
Granges wrote down its 67% owned Crowfoot/Lewis heap leach gold mine by $13 million to reflect limited ore reserves and the expectation of continued low gold prices. The Tartan mine assets were written down by $6.5 million. The loss for the nine months ended Sept. 30 totalled $26.2 million, compared with a loss of $1.5 million in the first nine months of 1990. Lower realized prices for gold, copper and zinc squeezed margins for the three months and nine months ended Sept. 30. The company reports a $381,000 loss from mining operations for the 9-month period, compared to an operating profit of $7.6 million for the same period last year.
The operating loss from mining operations during the third quarter was $298,000, compared to an operating gain of $3.3 million last year.
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