A profit of $1,378,000 (5.5 cents per share) for 1986 was recorded by Belmoral Mines compared to a loss of $7,081,000 (71 cents per share) in 1985. Revenue for the year was $27,152,000 on sales of 52,678 oz of gold.
For the fourth quarter of last year, Belmoral reported a net income of $3,906,000 (15.5 cents per share) compared to a loss of $2,493,000 (22 cents per share) for the same period in 1985.
The fourth-quarter income includes an adjustment of $1,645,000 reflecting a reduction in amortization for the first three quarters of 1986 because of increased ore reserves. A record tonnage was mined; ore reserves were approximately doubled during the year to 800,000 tons at the two operating mines in Val d’Or.
Revenue for the fourth quarter of 1986 was $8,668,000 on sales of 17,057 oz of gold.
The strong performance in the fourth quarter, record earnings for Belmoral, was largely attributed to increased throughput and gold production in the Val d’Or mill.
Belmoral, which survived going into receivership earlier this decade, is predicting sales of 72,000 oz of gold this year and 125,000 oz by 1989.
The company is in the midst of trying to find a buyer for two blocks of shares which, combined, represent up to 27.4% of the firm’s equity. The common and preferred shares up for sale are currently held by the Continental Illinois Bank (Canada).
Be the first to comment on "Belmoral turns profit in 1986"