Net income reported by FMC Gold (NYSE) for the three months ended June 30 was US$9.9 million versus US$13.8 million in 1989. The company attributed the drop in earnings to lower gold prices and high unit costs due to lower grades. The average realized price of gold fell from US$376 per oz. to US$365 per oz. while gold production remained flat and silver production increased over the quarter.
Over the first half, cash production costs averaged US$137 per gold equivalent oz. compared with US$123 per oz. during the same period last year. FMC Gold(NYSE) $000s except per-share items* 3 months ended June 30 1990 1989 Revenue $36,800 $40,200 Net earnings 9,900 13,800
per share 0.14 0.21 *US dollars004
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