Anvil hit by weak copper prices

Anvil Mining has blamed the sharp fall of copper prices, among other factors affecting the base metals mining sector generally, for poor third quarter results.

The Osborne Park-based mining group released its results for the third quarter indicating a net loss of US$17.3 million compared to a net income of US$39.1 million for the corresponding period last year.

Anvil, which is listed on both the Australian and Toronto stock exchanges, highlighted a drop in concentrate sales to US$42.3 million, down 44 per cent on its third quarter results from 2007.

And the company's year to date net income was US$12.6 million on sales of just over US$177 million, a significant drop from last years equivalent figures of approximately US$95 million in net income generated by more than US$183 million in sales.

The company has expereinced some tough conditions of late with copper prices falling by approximately 50 per cent from the prices seen in September.

This situtaion has been compounded by uncertainties faced with its projects in the Democratic Republic of Congo surrounding governement agreements, operating difficulties at its Dikulushi mine and numerous delays in commissioning of the Electric-Arc Furnace at Kinsevere, as well as increases in operating costs generally.