PERTH (miningweekly.com) – The falling copper price has resulted in miner Tiger Resources swinging to a loss during the full year ended December.
The miner this week reported an after-tax loss of A$17.8-million, compared with a profit of A$7.7-million in 2014.
Along with the decreased copper price, Tiger’s bottom line was also affected by higher noncash run-of-mine inventory expenses associated with a full year of processing heavy mineral sand stockpiles through the solvent-extraction and electrowinning plant at its Kipoi project, in the Democratic Republic of Congo, and higher finance costs.
Meanwhile, revenue for 2015 was up 2.1% on the previous year, reaching A$146.3-million, as production from the Kipoi project increased.
Tiger delivered 26 151 t of of copper in 2015, compared with 13 557 t in 2014.