Altius reports net loss for quarter ending in July

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Altius Minerals Corporation has reported a net loss of $261,000 — or $0.01 per share — for the three month period which ended July 31, 2010.

The company collects royalties from the Voisey’s Bay nickle project, in Labrador.

The loss isn’t as bad as the one Altius reported for the same period in 2009, when it said it had a net loss of $597,000, or $0.02 per share.

According to a news release. The lower net loss in the current year was a combination of slightly higher revenue which was also offset by lower expenses.

Altius’ total revenue for the quarter ending this July was $1,287,000.

But its royalty revenue was decreased during the quarter because fewer shipments of ore are leaving the mine due to a strike at Voisey's Bay and at Vale's smelting facilities in Canada.

The strike at Vale’s smelter in Sudbury, Ontario was resolved in July of this year. But the one at Voisey’s Bay continues, meaning the mine will operate at a reduced level until the strike ends.

Organizations: Altius Minerals Corporation

Geographic location: Canada, Sudbury, Ontario

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