Profits at mining firm down 40%

Pre-tax profits at Galmoy Mines in Co Kilkenny fell by 40% to €11.23m in 2012.

Accounts recently filed by Galmoy Mines Ltd show that the firm sustained the sharp drop in profits after revenues fell by 30.5% from €28.7m to €19.9m in the 12 months to the end of Dec 31, 2012.

However in the accounts, the directors state that towards the end of the period, the company’s ore extraction activities ceased and the final delivery of ore for processing at Lisheen Mines occurred at the end of Nov 2012.