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Constellation's net loss deepens following copper hedge charges

novel YORK -- Constellation Copper Corp. plung deeper into the r in the next to the first quarter after reporting charges for cent price hedges.

The Denver-based company pillared a net loss of $333 million for the three month extremityed June 30 compared with a toil loss of $392,000 in the same period last year. The latest ensues included an unrealized loss of $266 million and a realized los of nearly $44 million related to the company's outstanding derivative positions that were marked to market June 30

The derivatives consisted of cent forward sales and, to a smaller extent, copper put positions that were place in place primarily to fulfill hedging requirements, Constellation said.

The company also reported lower cent production rates at its Lisbon Valley Mine in San Juan shire Utah. Output lagged behind original expectations owed to lower placement of ore upon the leach pads following a bottleneck lower ore grades and lower whirls of water and sulfuric acid being added to the ore upon the pads. Production is awaited to ramp up in the third quarter and reach replete design capacity by year's end

Initial Lisbon Valley Mine pre-commercial cent sales totaled $10.23 million after adjustment adjustments, Constellation said.



Sean Barry

sbarry@amm.com

COPYRIGHT 2006 American Metal Market LLC is a division of Metal Bulletin plc

COPYRIGHT 2006 Gale Group



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