FNX Mining Company Inc. had a consolidated net loss for the third quarter of $58.5 million on revenues of $18.8 million, compared to a net loss of $26.5 million ($0.31 per share) on revenues of $76.4 million in the same period of 2008.
Year to date consolidated net loss totaled $72.2 million ($0.83 per share) on revenues of $129.6 million, compared to net earnings of $8.9 million ($0.10 per share) on revenues of $329.3 million for the first nine months of 2008.
FNX's third quarter operations were impacted by the extended maintenance shutdown and ongoing labour interruption at the company's third party processing facilities in Sudbury, stated a press release put out by the company.
This resulted in most ore produced during the third quarter going into inventory and minor revenue recognition and cash flows for the quarter.
"The third quarter of 2009 was particularly challenging for the company's Sudbury operations with nearly all production being stockpiled as inventory,” stated Terry MacGibbon, chairman and CEO of FNX, in the press release.
“Production during most of June, July and August, totaling approximately 156,000 tons, was shipped to Xstrata Nickel's Sudbury facilities for processing and revenue recognition in the fourth quarter. The company has been shipping ore to Vale Inco's processing facilities since September and expects to continue to do so, subject to any possible labour interruptions."
