Increased production at mines in the western U.S. has enabled Amax Gold (NYSE) to report improved earnings for its 1990 third quarter ended Sept. 30. The Colorado-based company announced net earnings of US$10.6 million, or 18 cents per share for the period, compared with 1989 third quarter earnings of US$10.1 million or 17 cents per share.
Production increased to 91,466 oz. gold in the third quarter, compared with 84,557 oz. gold for the same period in 1989. Cash production costs averaged US$145 per oz., compared with US$135 per oz. in the 1989 third quarter.
Amax Gold reported net earnings of US$16.1 million for the nine months ended Sept. 30, compared with US$28.2 million for 1989. The 1990 earnings included a US$12.6-million writedown of the company’s investment in Canamax Resources (TSE) in the second quarter. Amax Gold (NYSE)* 3 months ended Sept. 30 1990 1989 Revenue $36,600 $30,900 Net earnings $10,600 $10,100
per share 18 cents 17 cents 9 months ended Sept. 30 1990 1989 Revenue $109,100 $88,400 Net earnings $16,100 $28,200
per share 27 cents 47004
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