The increase in earnings is attributed to the company’s investment in gold mining which offset a decline in earnings from non-gold operations. The company holds an interest in the Kurara gold mine in Australia which produced 40,000 oz last year.
The industrial minerals sector was adversely affected by operating difficulties at the company’s rutile and kaolin operations and stagnant commodity prices.
During the fourth quarter of 1988, the operating difficulties at the rutile mine were resolved. The company says that higher rutile prices will result in improved profit margins in 1989. An expansion of the kaolin operation will all ow Nord to produce kaolin products with a higher margin.
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