NEW YORK Canadian Zinc Corp. reported a net loss of Canadian $19.9 million ($19.4 million) in 2012, narrowing from a net loss of C$33.4 million a year earlier.
The Vancouver, British Columbia-based companys 2012 loss included a mark-to-market loss of C$8.8 million ($8.6 million) on its marketable securities in Vatukoula Gold Mines Plc in Fiji and higher exploration and evaluation expenses.
Canadian Zinc invested C$9 million ($8.8 million) in exploration and evaluation programs at its Prairie Creek zinc-silver-lead mine in Canadas Northwest Territories in 2012, up from C$5.5 million in 2011. The increase was related primarily to its diamond drilling program, camp operation costs, completion of a preliminary feasibility study, ongoing permitting and initiation of various mine planning activities, the company said.
This year, Canadian Zinc will focus on gaining the necessary permits to bring the Prairie Creek Mine into production.