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UPDATE 1-Anaconda Mining posts fourth consecutive loss
January 13, 2011 / 4:19 PM / in 7 years

UPDATE 1-Anaconda Mining posts fourth consecutive loss

* Q2 C$4.2 mln vs C$151,000 last year

* Q2 rev down 75 pct

Jan 13 (Reuters) - Anaconda Mining Inc (ANX.TO) reported a fourth straight quarterly loss as gold sales fell and administrative expenses rose.

The minerals explorer, which has operations in Canada and Chile, posted a net loss of C$4.2 million ($4.26 million), or 4 Canadian cents a share, compared with an income of C$151,000, or break even on a per share basis, a year ago.

Toronto-based Anaconda’s sales dropped more than 75 percent to C$1.1 million.

Anaconda, whose only source of revenue is from its production of gold and silver from the Pine Cove mill in Newfoundland, produced 980 ounces of gold against 6,785 ounces of gold sold last year.

The company said it is encouraged by the November results in the mill but is still looking to optimize gold recovery rates.

Administrative expenses rose 36 percent to C$1.5 million.

Last November, Anaconda and privately owned Inversiones SBX Limitada agreed to roll their two Chilean iron ore joint ventures into a single venture. [ID:nSGE6AT0EJ].

The company’s shares were trading flat at 13.5 Canadian cents on Thursday on the Toronto Stock Exchange. They have lost about 36 percent in value last year. ($1=.9863 CANADIAN DOLLAR) (Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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