Declining gold prices affect Breakwater earnings
Gold’s dismal price performance has taken its toll on the 1989 first-quarter financial results of Breakwater Resources (TSE). The company’s earnings declined to $890,000 or 3 cents per share for the …
News
Louvem, Cambior close mine deal
The sale by Louvem Mines (TSE) of a 50% interest in the Chimo gold mine at Val d’Or, Que., to Cambior Inc. (TSE) has been concluded, the companies report. Cambior paid $4 million and provided a gold l…
Shipping concentrate to Sherritt Nickel mine opens in Timmins
Concentrates from the Redstone nickel mine — Ontario’s newest — are being shipped to Sherritt Gordon Ltd.’s (TSE) nickel refinery in Fort Saskatchewan, Alta. Situated near Timmins, Ont., the Redston…
Montreal Exchange Orex in buying mood
The summer slowdown may have arrived early on the ME, where daily trading volumes during the holiday-shortened week ranged between 4.6 million and five million shares. The market portfolio squeaked ou…
Gold prices reduce Newmont Mining profits
First-quarter financial results of Newmont Mining Corp. (NYSE) show net income of $9.4 million(US) or 14 cents a share compared with earnings of $114.4 million for the same period last year. The 1988…
Hanna’s profit increases 24% to 13.8 million
M. A. Hanna Co. (NYSE) saw its profit increase by 24% to $13.8 million(US) in the first quarter of this year from $11.1 million during the same period last year. Net income from operations was 54 cent…
Resource study centre appoints MacCulloch
Patrick MacCulloch has been appointed a distinguished visitor for 1989-90 at the Centre for Resource Studies (CRS) at Queen’s University in Kingston, Ont. Mr. MacCulloch, named “Man of the Year” by Th…
Newmont Gold steps up production
Gold sales were up substantially for Newmont Gold Company (NYSE) in the first quarter of 1989 as the company stepped up the pace of production to offset declining gold prices. During the period, the c…
Brenda to close Peachland mine by end of 1990
Reserves at Brenda Mines (TSE) near Peachland, B.C. will be exhausted next year, ending one of the great success stories in Canadian mining history. The porphyry copper deposit is among the lowest gra…
Queen’s studies ways to guage productivity
Ontario metal miners will benefit from a research program at Queen’s University in Kingston that is studying new ways to measure mining productivity. Industry-wide results traditionally have been used…
Onitap sale approved
Shareholders of Onitap Resources (TSE) have approved the sale of the company’s Goldboro gold property in Nova Scotia to Exploration Orex (ME). Orex has already made its first payment of $500,000 and i…
Private placement gives boost to St. George
The latest financial results from St. George Minerals (VSE) show a net loss from operations of $919,253(US) or 10 cents per share for the year ended Jan 31, 1989. The loss is a substantial increase …