Increased production, higher gold prices and the acquisition early last year, (by subsidiary Campbell Red Lake Mines), of Kiena Gold Mines, put Dome Mines solidly in the black for 1986.
The company reports an operating profit in the year of $15.3 million, on revenue of $293,379,000, compared with earnings of $2.1 million on revenue of $222,817,000, in 1985.
Unusual items amounting to $56.4 million in 1986, brought profit in the year to $71.6 million. The items include gains on sales of investments, gain on the issue of shares by Campbell Red Lake, and a provision for the decline in the quoted market value of marketable securities.
Gold production last year totalled 557,586 oz, compared with 466,274 oz in the previous year, and reflecting mainly acquisition of Kiena Gold Mines in 1986.
Dome’s equity accounted share of the loss reported by Falconbridge Ltd. was $1,224,000 in 1986, compared to earnings of $4,547,000 in 1985. Net income in 1985 included equity accounted losses of $9,373,000 from the investment in Dome Petroleum, and $l5,821,000 from the investment in Canada Tungsten Mining Corp.
The company stopped equity accounting for its investment in Dome Pete, effective Jan 1, 1986, and sold its Canada Tungsten investment in 1986.
Be the first to comment on "Dome Mines climbs well into the black"