The 1990 third-quarter earnings of Homestake Mining (NYSE) were US$1.7 million, compared with US$2 million reported for the comparable period in 1989. Net income for the first nine months of the year was US$52.2 million, compared with earnings of US$30.1 million in the same period last year. The 9-month results include US$49.3 million and US$33.2 million in earnings from discontinued operations in 1990 and 1989 respectively.
Gold production for the 9-month period rose 22% to 870,700 oz. with an average production costs remaining unchanged at US$269 per oz. The company tied the production increase to an expansion at the Round Mountain mine in Nevada, the integration of production from Australian properties acquired in early 1989, and the initial production form the Fortnum mine in Western Australia. Homestake Mining (NYSE)* 3 months ended Sept. 30 1990 1989 Revenue $123,579 $104,383 Net earnings 1,653 2,013
per share 0.02 0.02 9 months ended Sept. 30 Revenue $377,088 $302,824 Net earnings 52,178 30,071
per share 0.53 0.31
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