Lundin Mining has announced it closed its acquisition of a 100% stake in Mineração Maracá Indústria...
Industrial conglomerate SNC Lavalin declare profit warning again
Canadian industrial conglomerate SNC Lavalin once again wins on Monday after the company's mining and metallurgical operations in Latin America were forced to re-evaluate problems related to "unexpectedly bad environmental and safety conditions" and "underperforming suppliers", the company writes in a press release.
The core business is therefore expected to incur a loss of up to 350 million Canadian dollars, in addition to the already announced 1.24 billion profit-warned for January 28.
At the latest profit warning, the company's share collapsed about 20 per cent on the Toronto stock exchange, which meant the worst trading day in the company's history. Monday's stock market fall is broadly comparable to the profit warning amount, as the share falls around 6 per cent.
Also in January, the weakening of earnings was stated to be related to "serious problems" in the mining operations and write-downs, which were made for the company's energy business branch.
The latter was due to a diplomatic cold shower that hit the company's operations in Saudi Arabia this summer. After Canada's Foreign Minister Chrystia Freeland demanded that a detained Saudi human rights activist be released, Saudi Arabia's response was to terminate business contracts with Canadian companies.