Vancouver —
The net loss for 2000 totalled $45 million (or 78 per share), on sales of $114.2 million. Contributing to the loss was a $30.6-million writedown on the Brewery Creek mine, in the Yukon. By comparison, the company posted a 1999 loss of $56.7 million ($1.05 per share) on sales of $84.5 million.
Viceroy finished the year with a working capital deficiency of $6.2 million, due both to debt accrued at the Bounty mine in Western Australia and reclamation liabilities at the Castle Mountain mine in Nevada. The company is negotiating to restructure the debt and is also trying to raise equity through private placements and asset sales to third parties.
Calgary-based
“This is a tremendous opportunity for the shareholders of both companies,” says Viceroy Chairman Ronald Netolitzky.
Viceroy acquired the Bounty mine in 1999 from
An underground mine, Bounty is supplemented by smaller, lower-grade open-pit deposits. The operation features a carbon-in-leach plant capable of processing 750,000 tonnes per year. In 2000, the gold miner cranked out 263,000 oz. from mines in Australia and North America.
Be the first to comment on "Viceroy takes loss on chin"