Year-end results show that Golden Star Resources (TSE) lost US$8.8 million (US42 cents per share), compared with US$1.6 million (US10 cents per share) for 1993. However, total revenue increased to US$2.7 million on the sale of gold from a French Guianese alluvial gold operation. Revenue was up from US$800,000 in 1993.
More money was spent on exploration and acquisitions throughout the Guiana Shield of South America as well as in Africa. In 1994, US$25.5 million was spent, compared with US$15.7 million in 1993. For the fourth quarter, the figure was US$10.9 million, compared with US$2.8 million for the fourth quarter of 1993.
General and administrative costs of US$4.7 million reflected increased support costs for a larger number of projects within South America and Africa. For 1993, these costs were US$2.9 million.
Golden Star’s fourth-quarter loss was US$7.4 million (or 35 cents per share), which included US$6.4 million in property abandonment costs from the relinquishment of the Mahdia gold project in Guyana. This amounted to the bulk of the year-end loss.
Golden Star holds a 30% interest in the Omai operation in Guyana, one of the largest gold mines in South America.
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