Writedown adds to Belmoral loss

Belmoral produced 7,083 oz gold during the quarter. The writedown covers investments in three associated companies: Broulan Resources, Vedron Ltd. and Roddy Resources.

During the first nine months of 1989, Belmoral reported a net loss of $22 million (56 cents per share) on revenue of $15.2 million, compared with a net income of $1.9 million (5 cents per share) on revenue of $20.3 million for the same period last year. Gold production this year to the end of September totalled 31,705 oz.

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