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FNX Mining sees $58M losses in Q3

FNX Mining Company Inc.'s financial and operating results for the period ending Sept. 30 have shown a consolidated net loss of $58.5 million on revenues of $18.8 million for the Sudbury miner. This brings its year-to-date net loss to $72.
Northern Ontario Business Staff

 
FNX Mining Company Inc.'s financial and operating results for the period ending Sept. 30 have shown a consolidated net loss of $58.5 million on revenues of $18.8 million for the Sudbury miner.

This brings its year-to-date net loss to $72.2 million on revenues of $129.6 million, as compared to the net earnings of $8.9 million on revenues of $329.3 million for the first nine months of 2008.

As a result of the Steelworker strike at Vale Inco, which processed FNX ore, nearly all the company's production was instead stockpiled as inventory.

FNX's production of nearly 156,000 tons were shipped to Xstrata Nickel's Sudbury facilities for processing in June through August, and the revenue will be recognized in the company's fourth quarter. FNX has $258 million in cash, which will be used to continue development of the Levack Footwall Deposit.