FMC Gold (NYSE) has written down the book value of the Beartrack gold project in Idaho.
The gold producer recorded a 1993 fourth-quarter charge of about US$60 million, which includes an asset writedown of US$50 million for Beartrack. The remaining US$10 million reflects costs associated with the closures of the Royal Mountain King gold mine in California and the Paradise Peak gold mine in Nevada.
FMC acquired Beartrack for stock in 1990, yet the project was not developed because gold prices did not increase as projected. The company will continue to assess the development of the project.
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