Brazilian mining and metals holding company Paranapanema took a 109million real (US$62.8 million) loss in 2007 versus a 314 million real net profit in the previous year, according to BNAmericas. The bottom line was heavily influenced by rising costs and the strength of the Brazilian currency versus the US dollar the company said.
However Paranapanema reported increased annual sales volumes by its copper, tin and fertilizer divisions. Its tin subsidiary Mineração Taboca’s tin sales rose 49.7% to 7,383 tonnes last year. A mine expansion should result in a further rise in 2008, with the extra production committed to Glencore.
