Low tungsten prices put Malaga in the red
Nov 15, 2012 | 05:52 PM
| Samuel Frizell
Tags
Malaga,
tungsten,
Pasto Bueno,
power outage,
earnings,
Samuel Frizell
NEW YORK — Malaga Inc. posted a net loss of $883,000 in the third quarter, in contrast to net income of $1.98 million in the same period last year, as sales plunged 32.5 percent to $3.14 million due to falling tungsten prices and a production downturn at its Pasto Bueno Mine in Peru.
"Usually, companies that have more years of production can iron out these ups and downs, but in the case of Malaga we were profitable since 2010 and we were trying to increase production and leverage that price increase," a spokeswoman for the Montreal-based miner told AMM. "Unfortunately, in 2012 we had decreased production and decreased prices.....
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