Exploration company Ivernia West has announced a loss before writedowns of $5.7 million (€5.13 million) for 2000. This compares with a loss of around $1.3 million in the previous year.

"The company continued to capitalise costs associated with the commissioning of the Lisheen Mine during the fourth quarter and, as a result, financial results for the quarter and the 12-month period are associated primarily with overhead and corporate development activities," Ivernia Invernia said.

Fourth-quarter losses before writedowns totalled $1.8 million, compared with a loss of $700,000 for the third quarter and $3.9 million for the first nine months of 2000. Fourth-quarter losses in 1999 totalled $600,000.