Base metals mining company Lundin Mining has posted net losses of US$436.6m for the fourth quarter 2007, as it reports being hit by impairment charges.
The company reported unaudited net loss after non-cash impairment charges of US$491.9m relating to its merger with EuroZinc and the acquisition of Rio Narcea.
Sales revenue in the fourth quarter of 2007 was US$253.1m, an increase of 7.2 percent over the same period in 2006, as increased copper and nickel sales from the Neves-Corvo and the Aguablanca mines were partially offset by lower zinc volumes and prices, says the company.
Lundin has operations in Portugal, Spain, Sweden and Ireland with six mines currently producing copper, nickel, lead and zinc.
The company also holds a development project pipeline, which includes the Tenke Fungurume copper-cobalt project in the Democratic Republic of Congo and the Ozernoe zinc project in Russia.
By Ozge Ibrahim
