Papua New Guinea's Emperor Mines has suffered losses in the past year.
Emperor's chief executive, Brad Gordon, told the PNG National newspaper that the company has experienced a number of problems in the last year, including issues at its fully-owned Tolukuma mine in the Central province.
Mr Gordon says the highly productive and rich Porgera mine, in which Emperor had a 20 percent stake, saw production languish at the worst possible time for the company.
But worst of all, he says was the decision to shut down its Vatakoula mine in Fiji after a strategic review showed that the existing mining plan was financially unsustainable, and would incur significant losses, even at current high gold prices.
Despite this, Mr Gordon says he believes the company will emerge from this slump stronger and more robust.