JOHANNESBURG (miningweekly.com) – Owing to lower exploration and evaluation expenses in the fourth quarter, TSX-listed Yellowhead Mining narrowed its fourth-quarter loss from $1.76-million in 2014, to $614 000 for the three months ended December 31, 2015.
Paired with a full-year decrease of $4.13-million in exploration expenses, this translated to its full-year losses also contracting from $7.14-million in 2014, to $2.72-million in 2015’s fourth quarter.
The company attributed this contraction in costs to its ceasing of all activities at its 70 000 t/d Harper Cree openpit copper mine, in the Thompson-Nicola region of British Columbia, with respect to the environmental assessment application and environmental monitoring on October 1, 2015.
Yellowhead stated that it intends to keep Harper Cree mine on care and maintenance for the foreseeable future, including this year, until the commodity and capital markets become more favourable, permitting its development to continue.