It has been reported that the Canadian nickel giant, Inco, has lost 14 million US dollars in the second quarter.
The Toronto Star newspaper reports the company attributes the loss to a writedown of its Goro mining project in New Caledonia.
But the Toronto-based company says sales during the quarter increased to 9-hundred and 92 million US dollars, up nearly two-thirds from the same period last year.
The company said it's taking a 1-hundred and 91 million US dollar, non-cash charge in the second quarter related to the Goro project.
Inco is scaling back Goro in order to contain capital costs and improve projected operating efficiency of the planned processing plant.
The Goro project is one of two major new nickel operations that Inco has been working on.