Low prices for zinc on world markets have continued to dog the Irish-based but Toronto-listed mining group Ivernia West, with losses in the first quarter of 2002 of $1.4 million (€1.5 million).

The losses, however, were well down on the $5.6 million loss in first quarter 2001, mainly due to lower interest charges, reduced debt and lower foreign exchange losses. Those 2001 figures, however, included Ivernia's share of the initial losses at the Lisheen zinc mine. During the recent quarter, the price of zinc, remained at historical losses. But Ivernia has been able to negotiate a $20-$30 per tonne reduction in its refining charges for the coming year.