J'hanoth Has Not Been Kind To Careoth's Big Mining Concerns.
Careoth Record: Business
The Ellwood Minerals today revealed that his mining company has posted a loss of 400,000 GP in the last year, or 4GP per share, with a hit of 200,000GP on its copper business amid higher costs at a Northern J'hanothi copper mine.
As Careoth Record’s Peter Jameson reports, that came just hours after Kenderbriar Mining Corporation late yesterday announced an impairment charge of 450,000GP on a project in Southern J'hanoth, also amid surging costs.
“Rising costs, poor capital allocation and the pursuit of production growth at any cost in the industry have led to declining equity valuations across the sector,” said Ellwood chief executive officer James Baldwin.
“The message is clear: the industry must chart a new path forward. Ellwood highlighted the need for change last year, and we are increasingly taking strong action and re-focusing our business based on the principle that returns will drive production, production will not drive returns.”
Ellwood Minerals is 55% owned by the Marquis of Ellwood. Kenderbriar Mining Corporation is 75% owned by the Hugh Sumner, the Duke of Kenderbriar. Neither noble could be reached for comment before this issue went to press.