Sunshine Mining & Refining Co. Tuesday said it lost far less money in 1994 than in 1993.
Sunshine, which operates the Sunshine Mine in Idaho’s Silver Valley, lost $4.2 million in the last quarter of 1994 due mostly to lower silver prices. The fourth-quarter results brought Sunshine’s total 1994 loss to $4.9 million.
Sunshine lost $15.2 million in the fourth quarter of 1993 and $42.3 million for the whole year, due mostly to the sale of bonds indexed to the sagging price of silver.
The fall of silver prices to $4.87 from $5.61 during the fourth quarter hurt Sunshine’s revenues. Lower production from the Sunshine mine also contributed to less revenue in the fourth quarter and for the year.
Sunshine announced two weeks ago that it will close its refinery operations indefinitely at the Sunshine Mine and will have Asarco Inc. refine the ore. The move will force the lay off of 14 people.
Sunshine expects silver production to rise in the upcoming year and expects its exploration efforts in the West Chance area of the Sunshine mine to reveal more silver reserves.