The large gold producer turned out 343,000 oz of gold in fiscal 1988 from its worldwide operations. During its most recent quarter ended March 31, the company produced 132,391 oz, with 98,875 oz of this from mines in North and South America.
The average cash cost for these operations was $168(US) per oz compared to $144 per oz reported for the previous quarter. The average realized price for North and South American production was $389 per oz of gold, $5.82 per oz of silver and $1.23 per lb of copper.
Net sales during the quarter were $52.5 million(US), producing income from operations of $2.14 million. These results do not include the company’s share of earnings from North Kalgurli Mines, as that company reports production quarterly but reports earnings only in December and June.
Alan Birchmore, chief executive officer, noted that proven and probable reserves doubled to more than 343,000 oz of gold at the Golden Patricia mine in Ontario. Another highlight of the quarter was the successful start-up of the Richmond Hill heap leach mine in South Dakota.
In addition, a recently-formed joint venture between affiliates of Bond International and Homestake Gold of Australia completed construction of the Phase I upgrade of Kalgoorlie’s Golden Mile project. When the second phase is completed within the next 12 months, the Australian mine is expected to produce about 750,000 oz of gold per year.
The Bullfrog mine in Nevada is scheduled to be in operation this September to produce 195,000 oz of gold during fiscal 1990, increasing to 220,000 oz in fiscal 1991.
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