Home / News / Local News / 3rd Quarter Financial Results Released For Local Mines
Frank A. Douglass Insurance Agency

3rd Quarter Financial Results Released For Local Mines

Two mining companies with operations in Marquette County announced their third quarter financial results this week.

Cliffs Natural Resources officials said the company recorded a net loss of $28 million over the quarter, compared to a net income of $6 million at this time last year.

The company attributes a large portion of the loss to full redemption of Senior Notes due in January.

Expenses rose about 39 percent from last year as well, primarily due to a $4 million bonus agreed to as part of the recently ratified contract with the United Steelworkers.

Additional expenses were recorded due to retroactive surcharges for electrical power as ordered by the Federal Energy Regulatory Commission on the company’s Michigan operations in addition to $8 million related to the Empire Mine’s indefinite idle.

Eagle Mine owner Lundin Mining reported a net loss of just over $7 million versus $35.3 million during the third quarter of 2015.

Officials cite higher operating earnings as one of the reasons for the change.

The Eagle Mine produced almost 12,000 tonnes of nickel and copper during the quarter, which was lower than the prior year.

Lower throughput, head grades, and recoveries are listed as reasons for the decrease.

Officials say the feasibility study on the Eagle East deposit remains on track and is scheduled to be complete by the end of the year.

Check Also

31 Backpacks Sends Out Over 4800 Meals In 3 U.P. Counties

31 Backpacks hosted their Big Pack: Spring Break Edition on Sunday afternoon, Monday evening, and …