Exploration company Ivernia West's Lisheen lead/zinc mine, which it co-owns with Anglo American, made an operating loss of $2.9 million (€3.4 million) for the first quarter of 2001, despite hitting record production levels in March.

The company as a whole made a net loss of $5.6 million, or $0.05 per share, compared with a loss of $2.6 million in the same period in 2000. It said the increase in net losses was due to initial operating losses from the mine and an increase in net financial charges made during the quarter.