Consolidated TVX reports first ever quarterly profit

Consolidated TVX Mining has reported its first quarterly profit, the Toronto-based company said recently.

During the three months ended Sept 30, Brazil’s second largest gold producer reported net earnings of $2.5 million or 11 cents per share compared t o a loss of $1.1 million or 7 cents per share in the 1986 third quarter.

As reported (N.M., July 6/87), tvx’s share of production from four Brazilian gold mines and five exploration projects will amount to approximately 192,000 oz this year.

Tvx also holds a 20% interest in Toronto-based Golden Shield Resources which acquired the old Kerr Addison mine at Virginiatown, Ont., recently.

Tvx said that after deducting administrative costs and net interest expenses totalling $875,000, net profits for the recent third quarter were $1.67 million or 7 cents per share.

For the nine months ended Sept 30, tvx said it reduced its losses to $1.7 million or 9 cents per share compared to the loss of $3.3 million or 21 cents reported during the same period in 1986.