Investments were the primary source of income for Westfield Minerals (TSE) in the first half of 1990. Westfield reported earnings of $832,000 (5 cents per share) for the six months ended June 30, compared with $5.9 million (38 cents per share) in the first half of 1989. Last year’s income reflects a $7.2-million increase in equity from the earnings of associated companies.
Last year, Westfield became a holding company after selling its 35% interest in the Choquelimpie gold-silver mine to Northgate Exploration (TSE) for $24.5 million.
Westfield’s assets include a 10% interest in Northgate. During the first half, the Northgate group of companies produced 109,600 oz. of gold, compared with 77,000 oz. in the first six months of 1989. Gold production is expected to increase in the second half of 1990 as the Colomac mine reaches full production.
Other assets include $26.1 million in cash and marketable securities. The company is currently debt-free.
Westfield has plans to increase its investment in Northgate to at least 20% and is viewing the current economic climate as an opportunity for investment in other resource companies.
Westfield Minerals (TSE) 3 months ended June 30 1990 1989 Revenue $605 $152 Net earnings (loss) 370 (571 )
per share 0.02 (0.04 )004 6 months ended June 30 1990 1989 Revenue $1,150 $252 Net earnings 832 5,910
per share 0.05 0.38004
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