Still sensing its stock is undervalued, Rouyn, Que.-based
Richmont, which posted a net loss of $8.2 million, or 53 per share, on revenue of $35.1 million in 1999, has averaged near $2 per share since the beginning of the year. The 1999 loss came largely from a writedown of $7.8 million against the value of the Francoeur mine, which the company had announced in December.
Gold production at Francoeur had been shut down since the end of September to allow the company to concentrate on development work. That work was finished on schedule, allowing Francoeur to resume production in February 2000.
Richmont bought back almost 300,000 of its own shares under a normal course issuer bid issued last year. The company bought the shares for an average price of $1.97.
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