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Mine profits nosedive

PROFITS at Kilkenny mining group Galmoy dropped by 32pc to €6.3m as the company took a 60pc hit on revenues.

Galmoy mines said production had been due to end in June 2009 due to the fall in the price of zinc. But the operation remained open when the price of zinc climbed unexpectedly.

Revenues at Galmoy Mines Ltd dropped from €26.4m to €10.6m last year.