Mining company sees profits drop 32% to €6.3m

PRE-TAX profits at Galmoy mines in Co Kilkenny last year decreased by 32% to €6.3 million as revenues tumbled by 60%, new figures show.

Production at the mine was due to cease in June 2009 with the loss of 220 jobs because of the fall in the price of zinc, making the mine economically unviable.

However, zinc prices then climbed significantly and the owners, the Lundin Corporation, announced mining would continue.