Inmet Mining Corp. has confirmed that its second quarter profits have been reduced by 27% as a result of currency trading losses to $48.4 million, as seems at the forex charts.

The mining company which mines gold, zinc and copper reported about a share price of 86 cents from April to the end of June a loss of $66.5 million at the same period last year when the price of its shares were selling at $1.37 per share.

In the last three months, the mining company said it lost $21 million in currency trading through its Caveli mine located in the northeast of Turkey and Pyhasalmi mine situated at mid Finland.

The company’s shares declined by 8.6 percent or 91 cents and sold for $9.71 on the Canadian stock market.

The company’s Ok Tedi mine located in Papua New Guinea which deals in gold and copper has not been producing at expected levels due to wage disputes with workers in April.

The company said the workers are contracted to them until the end of august and the company is not too sure about the future of its workers after production was affected by an unlawful strike by workers.

The company announced recently that they hope to settle matters amicably with the workers to make a strike unnecessary.

The company’s Las Cruces mine located in the south of Spain where problems such as faulty machines reduced its production of copper by almost half of the anticipated 12,400 tonnes.

The mining giant said they have found the problems that affected their production and will strive to solve them to achieve full operations.

They said they were happy with the performance of the company’s production equipments in recent times and hope to build on that to halt the underperformance by the close of the year.