Consolidated production reached record levels for Granges (TSE) for the year ended Dec. 31, 1992.
The company reported a 6% rise in gold production over 1991 levels to 110,896 oz., and a 66% increase in silver production to 419,275 oz. Copper production attributable to Granges in 1992 totalled more than 8.1 million lb. while zinc production amounted to 32.2 million lb., up 6% and 29% respectively from 1991 production levels.
Granges’ consolidated production includes all output from the Crofoot/Lewis mine in Nevada and a 29% share in production from the Trout Lake mine in Manitoba.
Although the Crofoot/Lewis mine is owned by Hycroft Resources & Development (TSE), all unallocated cash flow from the mine flows directly to Granges to pay down inter-company debt.
As at Sept. 30, 1992, Hycroft owed Granges about $21 million, down from about $26.3 million at the end of the second quarter.
Granges also owns about 67% of Hycroft’s outstanding shares.
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