Prices, closure, rainfall all contribute to MinVen’s loss

Lower gold prices, the closure of the company’s Blackdome mine in British Columbia, and unusually wet weather at the Gilt Edge and Stibnite mines helped deepen losses for MinVen Gold (TSE).

The company reported a net loss of $2.8 million for the quarter ended June 30 compared with a loss of $1.5 million in the second quarter of 1990. Metal production for the quarter dropped to 13,907 oz. gold and 30,558 oz. silver from last year’s levels of 24,086 oz. gold and 81,924 oz. silver. Revenue for the period was $5.2 million compared with revenue of $9.3 million in the second quarter of 1990.

For the six months ended June 30, MinVen reported a loss of $3.5 million on revenues of $10.2 million. This compares with a loss of $3.7 million in the same period last year on revenues of $15.8 million.