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Article: United States: Anvil Mining posts Q4 loss; seeks additional funding.(Financial report)
- Article from:
- TendersInfo
- Article date:
- March 19, 2009
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Byline: sanjayV03
Anvil Mining Ltd posted a quarterly loss, slammed by a one-time charge of $143 million, and said it is seeking funding to avoid project delays, and will cut staff salaries by 20 percent.
Anvil said it does not have sufficient cash or debt facilities to fund the completion of the development of the Kinsevere Stage II SX-EW copper processing plant.
The company said it will reduce administration overheads with further restructuring, and its board, senior management, and staff are all taking a 20 percent cut in salaries.
It will also suspend concentrate production, postpone underground development work and initiation of a ...