Dublin-listed exploration company Ivernia West reported a net loss of $30.7 million for the year 2000 against a loss of $1.29 million in 1999.
The company said the additional costs in the delayed commissioning of the Lisheen mine in Co Tipperary was carried as a £25 million cost write-down in the company's accounts.
Total sales were $31 million against $1.88 million last year. The loss-per-share was put at 0.28 cents against 0.01 cents.
Regarding its Magellan lead deposit near Wiluna in western Australia, the company said it expects an approximate 12-month construction period prior to starting production.