The drop in quarterly earnings was the result of lower gold prices, higher production costs because of the processing of refractory ores and lower than anticipated recovery rates. The year-earlier quarter also included a US$1.26-million gain from the sale of a long-term stock investment.
Gold production for the second quarter of fiscal 1991 at the company’s Gold Bar mill in Nevada was 22,300 oz., compared with 21,000 oz. produced in the second quarter of 1990.
Average price realized for the company’s production during the period was US$389 per oz., compared with US$416 per oz.
With preproduction work completed on the Goldstone satellite deposit, the company has started processing oxide ore. Atlas expects to meet its goal of producing a total of 80,000 oz. during fiscal 1991. Atlas (NYSE)* 3 months ended Dec. 31 1990 1989 Revenue $8,864 $10,228 Net earnings 206 2,213 per share 0.03 0.37
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