PERTH (miningweekly.com) – Metals miner MMG has warned shareholders of a likely net loss of some $100-million for the 2016 financial year.
This compares with a net loss of more than $1-billion for 2015.
MMG said on Monday that the expected loss in 2016 represented a substantial improvement in the underlying operating conditions in the second-half of the year, with commodity prices increasing, the addition of Las Bambas to the operating portfolio and record production levels for the company.
Factors contributing to the loss include end-of-year inventory and deferred tax asset writedowns of some $116-million after tax.