The 1989 quarter included net after-tax charges of $5 million or 7 cents a shar e, for costs associated with the initial plan to recapitalize U.S. coal producer Peabody Holding Co; and $3.6 million or 5 cents a share, for the revision on a gain recognized in 1988 on a discontinued operation.
Despite lower gold prices, Newmont’s gold interests had $35.1 million in pretax income in the second quarter of 1989, compared with $35 million at the same ti me last year. Those interests include 90%-owned Newmont Gold Co., and 75% of New mont Australia. Gold sales by the two companies amounted to 434,900 oz in the qu arter, up 76% from the 247,300 oz sold in the second quarter of 1988.
Newmont received an averaged $398 per oz in the second quarter of 1989, compared with $446 per oz in the second quarter of 1988.
Newmont has debts totalling $1.6 billion.
Cliff Resources reported a net loss of $1.1 million or 0.04 cents per share for the first six months of 1989, compared with net income of $216,000 or 0.05 cents per share during the same period last year. First-half revenues increased to $952,000 from $303,000 in 1988.
Cliff’s wholly owned Baie Verte asbestos mine is scheduled for commissioning in the first quarter of 1990. The Newfoundland operation will produce asbestos fr om tailings material.
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