Due to depressed base metal prices, Sherritt Gordon Mines is writing off $24.6 million, which represents the carrying value of the company’s Ruttan mine in Manitoba.
At present prices, Sherritt says that it is doubtful whether the value of the mine can ever be recovered. The Ruttan mine produces copper; a base metal with little hope for price improvement in the short term. The mine however, will continue to be operated as long as positive cash flow continues to be generated by operations.
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