Sunshine Mining Loss Nears $3 Million

Boise-based Sunshine Mining & Refining Co., which owns and operates the Sunshine Mine in Idaho’s Silver Valley, lost $2.9 million in the third quarter, the same as in 1994. That translates to a loss of 3 cents a share for each quarter.

Though costs of mining silver at Sunshine declined in the third quarter from the previous year, aggressive exploration of the West Chance area of the mine contributed to the loss.

The net cost of removing an ounce of silver dropped to $5.20 an ounce from $6.57 an ounce in the third quarter of 1994.

For the first nine months of 1995, Sunshine lost $18.7 million, or 10 cents a share, compared with a loss of $8.5 million, or 5 cents a share.

The company recently approved a plan to convert its class of preferred stock to common stock. The plan eliminates the charge of preferred dividends to Sunshine’s earnings and settles several suits filed against the company by preferred shareholders. , DataTimes