Having disposed of its interests in Minnova (TSE) and oil and gas producer Anderson Exploration, Kerr Addison Mines (TSE) intends to dispose of its remaining assets and continue talking with its major shareholder regarding a corporate re-organization, says President Andre Fortier.
Last year, Kerr sold to Metall Mining (TSE) its controlling shareholding in base metal producer Minnova; and in February, 1993, it sold its 30% stake in Anderson.
Noranda owns a 48.3% interest in Kerr Addison, a former gold producer whose interests include grassroots exploration projects involving other partners. Addressing the annual meeting in Toronto, Fortier said Kerr has $186 million in cash and short-term investments, up from $74 million at year-end. During the first quarter, Kerr recorded net income of $11.5 million compared with a net loss of $1.4 million for the same period in 1992. In place of the light lunch it traditionally serves to shareholders, Kerr this year donated the equivalent amount of cash to a Toronto food bank.
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