Second quarter and six month net income included half-year results of North Kalgurli Mines, the company’s 40%-owned Australian affiliate which is accounted on an equity basis every six months. These results include unrealized foreign exchange gains of $4 million (net of income taxes) for the six months of which $2.6 million was included in the company’s share of North Kalgurli’s (NKM) net income.
In the second quarter of fiscal 1989, gold output was 116,400 oz for a six month total of 215,600 oz. The company’s direct production (exclusive of NKM minority interests) for the six months ended Dec 31 was approximately 158,000 oz at an average cash cost per oz of $144(US).
Alan Birchmore, chief executive officer, noted that “steady production from the company’s mines and a strong price for copper, a major byproduct from the Chilean operations, contributed to the strong performance.”
“The company opened one new mine during the quarter, Richmond Hill in South Dakota which will add a planned average of 41,000 oz to the company’s annual gold production. The Golden Patricia mine in Ontario, is presently producing gold at an annualized rate in excess of 60,000 ounces, which also strengthened the quarter and six month results,” he said.
Bond International produced 343,000 oz gold in fiscal 1988 and expects to double its annual gold output by fiscal 1991. The company has interests in 12 gold mines worldwide and is participating in the construction of two new major projects.
A recent agreement between the NKM Group of companies and Homestake Gold of Australia will see the development of the Super Pit near Kalgoorlie, WA the first phase of which should be completed in the first half of 1989. The combined operation is expected to produce 600,000 oz of gold per year. The wholly-owned Bullfrog mine in Nevada is scheduled to begin production in the second half at an initial rate of 220,000 oz per year.
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