South American-focused gold miner Troy Resources has plummeted into the red, recording a $59.1 million loss on the back of an impairment at one of its mines.
Troy said the non-cash asset impairment of $61.2 million at its Karouni gold project in Guyana was the main contributor to the fall, despite record production figures.
On the back of "lower metal prices" Troy said revenue was down $24.7 million to $178.0 million.
The company did not give out a dividend, which it attributed to the development of Karouni project acquired through the acquisition of Azimuth Resources last year.
"Whilst our current funding requirement (precludes) payment of a dividend, shareholders should be aware that the board is very conscious of the company's extensive record of dividend payments and will look to resume payments as soon as prudently possible," Troy chairman David Dix said.
"The result, however, was adversely impacted by lower gold and silver prices and foreign exchange losses resulting from the devaluation of the Argentine peso against the Australian and US currencies."
Troy shares were up 1.5Â¢ to 82Â¢ at midday.