Writedowns affect Manhattan’s earnings

Vancouver — Writedowns on the sale of its Mexican operations have prompted Manhattan Minerals (man-t) to restate losses for the 3- and 9-month periods ended Sept. 30, 2000.

Excluding the charge from discontinued operations, the company tabled a loss of US$2 million (or 5 per share) in the first nine months of this year, compared with a loss of US$1.1 million (3 per share) in the corresponding period of 2000. Including the writedown on the Mexican assets, the loss for the first nine months of 2000 jumps to US$2.6 million (7 per share).

For the three months ended Sept. 30, 2001, Manhattan recorded a loss of US$598,000 (1 per share), compared with a loss of US$390,000 in the 2000 quarter. Including the writedown, the loss for the third quarter of 2000 is US$803,000, or 2 per share.

Manhattan completed the sale of its Moris gold mine in Sonora state, Mexico, in March of this year, resulting in a US$1-million loss. Mining at Moris was shut down in April 1999, though the leach pads continued to produce gold into 2000.