The Vancouver-based company owns a 48% interest in Ridgeway which is operated by joint venture partner RTZ Corp. PLC. Largely because of Ridgeway’s contribution to earnings, Galactic reported net income of $1.83 million(US) or 5 cents per share for the nine months, compared with a loss of $45 million or $1.46 per share in the comparable 1988 period.
Ridgeway and the 100% owned Summitville mine in Colorado produced a record 88,312 oz gold for the nine months, an increase of 103% over the comparable period in 1988. The Summitville mine produced 26,904 oz of this amount with the balance attributed to Galactic’s share of production at Ridgeway. The cash production cost at Ridgeway was $140(US) per oz.
Although Summitville operated at a loss of $595,000, it contributed a positive cash flow of $276,000 for the nine months ended Sept 30. Galactic expects to recommence mining in the 1990 season after examining steps to reduce cash operating costs.
]]>
Be the first to comment on "Ridgeway boosts Galactic earnings"