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Pasminco loss blows out to $716 million

PASMINCO Ltd has reported a greater loss than anticipated by most market watchers, clocking up an after-tax loss of $716 million after it bit the bullet and accepted $635 million in writedowns.

MiningNews.Net
Pasminco loss blows out to $716 million

The company attributed the huge loss to declining global commodity markets and its out-of-the-market hedging position. "Lower metal prices reduced earnings by $208 million, but even so, had it not been...

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