NEW YORK Canadian exploration and development company Fortune Minerals Ltd. reported a net loss of Canadian $6.9 million ($6.7 million) for 2012 in contrast to net income of C$3.7 million in 2011.
The London, Ontario-based company, which spent $13.2 million on exploration and other projects last year, has not yet started production at any of its in-development operations, a spokesman told AMM.
Fortune Minerals is currently working to bring online its gold-copper-bismuth Nico project in Canadas Northern Territories as well as its Arctos metallurgical coal project in British Columbia, the spokesman said. In 2011, the company reported a net gain after a Canadian unit of South Korean steelmaker Posco Ltd. acquired a 20-percent stake in Fortunes coal project (amm.com, March 6, 2012).
Fortune Minerals recorded impairment charges of $5.4 million in 2012, which the company attributed to construction-related costs.