Earnings (September 11, 1989)

Northgate attributed its higher first-half earnings to increased equity in associated companies arising from the sale by Norwest Holdings Inc. of its interest in Whim Creek Consolidated of Australia and a reduction in income and mining taxes payable.

Bachelor Lake Gold Mines (TSE) reported a first-half loss of $1.9 million or 24 cents per share, compared with a loss of 3 cents per share in the same period la st year. Cash and short-term investments declined to $315,298 from $721,871 at t he beginning of the period. The Bachelor Lake gold mine contributed to the company’s losses for the period, during which production increased to 85,661 tons of ore grading 0.142 oz gold per ton from 73,987 tons grading 0.15 oz during the same period last year.

Bachelor Lake’s production during the first half was 11,445 oz, up from 10,743 in the corresponding period in 1988.

Amax Gold Inc. (TSE) reported net income of $8.9 million(US) or 15 cents per sh are for the second quarter. In the same period last year, the company reported net earnings of $13 million or 22 cents per share. Net earnings for the firs t half were $18.1 million or 30 cents per share compared with $25.4 million or 42 cents per share last year.

Net sales for the quarter were $28.9 million. Amax said its earnings were adversely affected in three areas: increased exploration spending, lowe r market pric es for gold and higher taxes. Second-quarter gold production was 71,000 oz co mpared with 56,000 oz for the second quarter of 1988. First-half production incr eased 26% to 137,000 oz compared with 109,000 oz at the same time last year.

Aur Resources (TSE) reported earnings of $1.28 million or 7 cents per share bef ore deferred income taxes for the nine months ending June 30. Earnings before deferred income taxes for the same period last year were $1.74 million or 11 cents per share.

Nine-month revenue was $3.1 million compared with $62,400 in the same period in 1988. Income for the period does not include gold sales and inventor y valued a t $3.6 million.

After recently closing private placments with Teck Corp. and Cominco Ltd., the company has $40 million in cash and short-term deposits compared with $17.4 mil lion on June 30.

Agnico-Eagle Mines (TSE) reported net income of $5.8 million or 39 cents per sh are for the second quarter. In the same period last year, the company reported a loss of $1.6 million or 12 cents per share. Net income for the first half was $3 .9million or 26 cents per share compared to a loss of $1.2 million or 9 cents per share at the same time last year.

The increase in 1989 net income was due to the previously announced sale of the company’s entire real estate division.

Agnico-Eagle’s first-half gold production was 33,809 oz compared with 30,869 oz in the first six months of 1988. Silver production decreased to 608, 455 oz in the first half from 698,291 oz last year.

Agnico-Eagle has agreed to amalgamate with its 43%-owned affiliate Dumagami Mines.

Westfield Minerals (TSE) reported a net loss of $570,978 or 6 cents per share f or the second quarter. In the same period last year, the company reported a loss of $4,577 or 1 cents per share. Net income for the first half was $5.9 million or 38 cents per share compared with $1.9 million or 13 cents per share last year .

Westfield attributed the higher earnings to an increase in equity relating to a gain on the sale of shares of Whim Creek Consolidated of Australia held by aff iliate Norwest Holdings Inc.

Westfield’s 35%-owned Choquelimpie gold mine in Chile produced 22,000 oz gold and 130,000 oz silver in the second quarter. In the first quarter, the mine prod uced 15,000 oz gold and 84,000 oz silver.

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