EuroZinc Mining (EZM-T)made US$17.5 million on revenues of US$121 million in 2004, thanks to its mid-year purchase of the Neves Corvo base metal mine in southern Portugal.
Neves Corvo shipped 400,700 tonnes of copper concentrate during the year, 189,100 tonnes of it on EuroZinc’s watch. The concentrate had a copper content of 95,687 tonnes. Operating costs ran to US$1,400 per tonne (US64 per lb.).
The US$17.5 million profit (US3 per share) came after a non-cash adjustment of US$32.1 million, representing a loss on option contracts the company entered into as a condition of the loan it used to buy Neves Corvo.
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