Although production has been temporarily suspended since late September, the company is continuing development work on Zone 7 in order to resume production early in 2000.
The adjustment will result in an after-tax writeoff of $7.2 million, or 47 per share, charged to this year’s fourth quarter. The writedown and 4-month production suspension were attributed to low gold prices.
Be the first to comment on "Richmont writes down Francoeur"