THE CANADIAN PRESS

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TORONTO - Coalcorp Mining Inc. (TSX:CCJ) said Thursday it lost US$94.5 million for its most recent financial year as revenue grew by a third.

The Toronto-based company, which keeps its books in U.S. dollars, said the loss amounted to $1 per share for the financial year ended June 30, compared with a loss of $76.2 million or $1.16 per share the previous year. Revenues from continuing operations for the financial year were $75.2 million, up from $56.5 million.

The loss for the recent year included after-tax writedowns of its Caypa mine and the Cartagena port assets totalling $47.6 million or 50 cents per share.

Earlier this week, the company, focused on Colombia, named Luis Urdaneta as its new chief executive officer.

The company said Serafino Iacono and Miguel de la Campa will leave their positions of chief executive and president, respectively, and will instead focus on governmental and business relations in Colombia as the company seeks to consolidate and possibly expand its business.

Urdaneta previously worked at Lagoven SA, a subsidiary of PDVSA, Venezuela's national oil company. He was also president of Carbozulia, the developer of Paso Diablo, the largest coal mine in Venezuela.

Earlier this year, Coalcorp nixed a plan to try to sell itself, choosing instead to focus on developing its La Francia project in Colombia and on increasing its production to take advantage of high coal prices. The company also sold an interest in its Caypa mine in Colombia for US$25 million, as well as its Cartagena port and licence for US$20 million.