Falco Gold profit (March 18, 1991)

Toronto-based Falconbridge Gold (TSE) says its 1990 net earnings fell to $5.47 million (41 cents per share), compared with net earnings of $6.12 million (46 cents per share) in 1989. Revenue for the year amounted to $38.3 million on the sale of 84,888 oz. gold, compared with revenue of $44.5 million on the sale of 95,116 oz. in 1989. The company’s total gold production for 1990 amounted 82,018 oz. at an average cost of US$280 per oz., compared with 78,406 oz. at an average cost of US$266 per oz. in the previous year.

Fourth-quarter net earnings fell to $715,000, down from $1.1 million in the year-earlier period. Gold production in the fourth quarter totalled 18,484 oz., up from 16,781 oz. during the same period of 1989.