Akrokeri posts quarterly profit

Despite poor gold prices, Akrokeri Ashanti Gold Mines (aagm-c) reported a slight profit for the second quarter of 1998.

The company posted earnings of US$87,271 (or 0.2 cents per share) on revenue of US$2.7 million, compared with a loss of US$31,187 (0.03 cents per share) on revenue of US$2.6 million in the comparable period last year.

During the first six months of 1998, Akrokeri produced a record 19,484 oz. gold, compared with 14,768 oz. a year ago. The higher production is attributable to increased mining activity at the company’s Esaase concession in Ghana. However, the grade of the ore recovered this year was not as high as in 1997. Cash costs dropped to less than US$260 per oz. over the recent 6-month period, compared with US$353 per oz. in the first half of last year.