Minnova Inc. realized net income of $900,000 or 6 cents per share for the first nine months of 1987. This compares with earnings of 23 cents per share realized in the same period last year. The large drop in earnings is attributed to lower mine production, due mainly to the shutdown of the Corbet base metals mine in the fall of 1986. Also, Minnova reports lower gold production from the Lac Shortt and Opemiska mines.
Gold output declined to 60,000 oz during the period — off 29,000 oz from the same period last year. Minnova says lower mill grades at Lac Shortt and reduced operations at the Opemiska mine are the reasons behind the shortfall.
Minnova beat the market crash of Oct 19 by completing a $65-million convertible debenture issue through a group of investment dealers. The paper carries a 5% coupon. The funds will be used by the company to complete capital expenditure programs at the Winston Lake zinc mine in Ontario and the Ansil copper mine project in Quebec. Also, a cash dividend of 10 cents per share has been declared payable on Dec 11 to shareholders of record Nov 16.
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