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Weather a cause of financial loss.

Weather a cause of financial loss

Decreased production resulting from mechanical problems at its Timmins division is being blamed for a $610,000 first-quarter loss at Giant Yellowknife Mines.

Revenue for the quarter also dropped $4.3 million from the first quarter of 1989 to $23.8 million. Company officials are also pointing to bad weather conditions, which affected open-pit operations, and higher exploration costs as factors for the drop.

The loss is more than three times greater than the deficit recorded during the first quarter of 1989.
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Title Annotation:Quarterly Results; Giant Yellowknife Mines
Publication:Northern Ontario Business
Date:Jun 1, 1990
Words:88
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