Net income of US$1.9 million (17 cents per share) on revenue of US$28.3 was reported by CoCa Mines (TSE) for 1989, compared with net income of US$184,500 (2 cents per share) on revenue of US$13.6 million the previous year. The Denver-based company attributes the increase in earnings to improved gold output at its California mines. Last year CoCa produced 59,400 oz. compared with 23,700 oz. in 1988. The company’s average realized price for gold sold in 1989 was US$404 per oz.
Direct production costs dropped to US$225 per oz. from US$326 in 1988. Helping in that regard was a full year’s production from the lower cost Shumake mine; that project entered production during the latter part of 1988.
CoCa recently announced it will proceed with development at the Grouse Creek project in Idaho. Output there is expected to average 75,000 oz. gold and 350,000 oz. silver annually beginning in 1992.
During the fourth quarter of 1989, the company recorded net income of US$1.9 million (15 cents per share) on revenue of US$10.7 million compared with a loss of US$820,700 (10 cents per share) on revenue of US$3.3 million. CoCa Mines (TSE) $000s except per-share items* Year ended Dec. 31 1989 1988 Revenue $28,317 $13,582 Net earnings (loss) 1,862 185
(per share) 0.17 0.02 *US dollars
Be the first to comment on "Higher earnings for CoCa Mines"