Key Anacon Mines, four affiliates improve earnings

Five Saint John, N.B., companies which share management personnel and are part of the Irving group all report improved earnings for 1987.

Key Anacon Mines (TSE), with more than 500,000 shares in Brunswick Mining and Smelting (TSE) which were worth a dividend payout last year of about $76,400, recorded an excess of income over expenses of $10,420, compared to an excess of expenses over income of $54,770 in 1986.

First Maritime Mining (TSE) had net earnings last year of $357,285 compared with $149,624 in 1986. First Maritime realized about $277,500 in dividends from Brunswick, which the company took in the form of stock dividends.

For Atlantic Coast Copper (TSE), net earnings in 1987 totalled $583,011 compared with $18,228 in 1986. Atlantic Coast also benefited from Brunswick dividends, which the company took in stock dividends. The company has equity investments in Consolidated Rambler Mines (TSE) and Northern Canada Mines (TSE).

Rambler recorded net earnings in 1987 of $1.4 million compared to a loss of $214,982 the previous year. Contributing to the better earnings were gains from the sale of mining plant and equipment (the major portion of the company’s former mining property near Baie Verte, Nfld., reverted to the provincial government last year). Rambler has forestry interests in Maine.

Rambler also reports signing an option agreement with Inco Gold, a unit of Inco Ltd., whereby Inco Gold may acquire a 55% interest in Rambler’s 124-claim Bett’s Cove property by spending $300,000 on exploration work.

Northern reported net earnings of $286,032 in 1987 compared to a loss of $46,243 in 1986. Northern has an equity position (20.7%) in Rambler.