Canadian gold output in ’89 up by 900,000 oz.

Production last year from 80 primary, non-placer Canadian gold mines totalled slightly more than 4.5 million oz., up about 25% from 1988, research firm Metals Economics Group of Halifax reports. About 59% of the 900,000-oz. increase came from 29 mines. The remaining output increase came from 17 mines that completed their first full year of production in 1989 and 13 mines that started up in 1989.

The higher output was offset by a 205,000-oz. decrease in mine production. Thirteen gold producers ceased mining operations in 1989.

The company also reports that between the stock market crash of October, 1987, and the end of 1989, 68 gold loans were announced worldwide representing a value of $2.9 billion. Almost one-third of the loans are being used for general corporate purposes, including refinancing of existing debt.

Largest corporate loan was negotiated by Newmont Mining. The second largest corporate loan belongs to Bond International Gold.

Of the 31 loans being used to finance new mine development, the largest belongs to American Barrick Resources, which is using its $440-million loan for development of the Goldstrike mine in Nevada.