A combination of strong gold prices and increased production have en abled Northgate Exploration to realize healthy earnings for the first nine months of 1986. For the period, the company earned $2.3 million or 17 cents per share compared to a loss of $2.5 million or 25 cents per share in the same period last year. A major part of the earnings are due to an extraordinary item totalling $1.6 million related to income tax recoveries.
At the company’s two mines near Chibougamau, Que., operating profits improved to $12.3 million compared to $9.2 million in the corresponding period in 1985.
Northgate took advantage of strong gold prices by churning out 61,200 oz gold during the period. Copper and silver production totalled 14.7 million lb and 77,400 oz.
Long-term debt, which has plagued the company for a number of years, has been pared down to $23.5 million(US) from $49 million(US) a year ago.
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