TORONTO (miningweekly.com) – Shares in Sudbury miner FNX Mining slid 12% in early trading on Monday, after the company reported a net loss for the fourth quarter of C$397,4-million.

A year earlier, profit was C$32,28-million.

FNX said that earnings were negatively affected by noncash and unusual items of C$499,6 million before tax, which included asset impairments and gains and losses on investments.

The firm reported revenue of C$48,7 million for the fourth quarter, compared with C$105,6-million in the same period of 2007.

FNX, which mines nickel, gold and platinum-group metals in Sudbury, said in December that it had extended the suspension of nickel-ore mining at its Levack mine, and would halt nickel-ore production from the adjoining McCreedy West mine, because of low base-metals prices.

“FNX was dramatically impacted by the rapid commodity price decline and economic downturn in 2008,” CEO Terry MacGibbon said in a statement on Monday.

“Our challenges in 2009 are to control costs and concentrate on ore deposits which are cash positive or at least cash neutral, even at current low commodity prices.”

Shares in the company had fallen C$0,58, to C$4,27 apiece, by 9:32 in Toronto,

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