Battle Mountain Canada announces first half earnings.TORONTO--(BUSINESS WIRE)--July 31, 1996--Battle Mountain Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of Ltd. announced today that earnings for the first half of 1996 were $25.2 million (25 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) compared to earnings of $23.4 million (23 cents per share) during the similar period last year. Battle Mountain Canada is the new name of Hemlo Gold Mines Inc. which combined with Battle Mountain Gold Company of Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the on July July: see month. 19, 1996. These financial and operating results include only the operations of the former Hemlo Gold Mines Inc. and are reported in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents unless otherwise noted. Gold production during the first half of 1996 was 214,000 ounces, compared to 201,000 ounces in the first half of 1995, principally because a work slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. and subsequent strike at the Golden Giant Mine The Golden Giant Mine was an underground gold mine in the Hemlo mining camp in Canada, located north of Lake Superior, midway between Sault Ste. Marie and Thunder Bay, Ontario near the town of Marathon. in June June: see month. 1995 impacted negatively on the first half 1995 production. The Company's realized price for gold increased by 3% to US$396 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. . Operating costs operating costs npl → gastos mpl operacionales at US$125 per ounce were essentially the same as in the prior year. Proceeds realized from the sale of exploration properties amounting to $3.1 million were credited against exploration properties amounting to $3.1 million were credited against exploration and evaluation expense in the second quarter of 1996. Financial advisory, legal and other costs related to the now completed combination of Hemlo Gold with Battle Mountain Gold will be expensed by the combined entity in the third quarter. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. was $41.0 million (41 cents per share), the same as in the first half of 1995. Cash balances were increased by a working capital charge of $8.9 million in 1996 whereas in 1995 they were reduced by $39.3 million due to the payment of final 1994 income and mining tax installments at the end of February February: see month. 1995. Capital expenditures were $14.8 million in the first half of 1996 including $6.6 million at Holloway Holloway may refer to: Place names:
BATTLE MOUNTAIN CANADA
INTERIM REPORT TO THE SHAREHOLDERS
AND
PRESS RELEASE
Second Quarter Six Months
----------------------------------
1996 1995 1996 1995
---- ---- ---- ----
(in thousands of Canadian dollars, except per share amounts)
Unaudited
Consolidated Statement of Earnings
Revenue $54,580 $48,951 $115,545 $106,472
_______ _______ ________ ________
Expense:
Operating costs 18,052 17,073 36,591 35,927
Depreciation, amortization
and mine closure 8,957 7,531 17,923 16,080
Quarter Claim royalties 1,428 1,642 3,127 3,125
Administrative and
general 975 1,025 2,124 2,218
_______ ______ ______ ______
29,412 27,271 59,765 57,350
_______ ______ ______ ______
Mining income 25,168 21,680 55,780 49,122
Exploration and
evaluation (1,009) (3,550) (7,209) (6,335)
Investment income less
interest expense 2,260 2,259 4,436 6,006
_______ _______ _______ ______
26,419 20,389 53,007 48,793
_______ _______ _______ ______
Mining taxes 5,355 4,098 10,601 9,779
Income taxes 8,384 6,557 17,168 15,646
_______ _______ _______ ______
13,739 10,655 27,769 25,425
_______ _______ _______ ______
Earnings $12,680 $9,734 $25,238 $23,368
_______ _______ _______ ______
_______ _______ _______ ______
Earnings per share $0.12 $0.09 $0.25 $0.23
_______ _______ _______ ______
_______ _______ _______ ______
Consolidated Statement of Cash Flows
Cash and cash equivalents realized from (used for):
Operating activities:
Earnings $12,680 $9,734 $25,238 $23,368
Depreciation, amortization
and mine closure 8,982 7,531 17,948 16,080
Deferred taxes (1,149) 603 (2,162) 1,508
_______ _____ _______ ______
Operating cash flow 20,513 17,868 41,024 40,956
Working capital change
and other 3,587 (6,448) 8,931 (39,291)
______ _______ _______ ________
24,100 11,420 49,955 1,665
______ _______ _______ _______
Investing activities:
Fixed asset additions
(net) (1,461) (1,879) (3,773) (2,406)
Preproduction, deferred
development and
exploration (1,985) (3,005) (4,414) (6,319)
Property under
development (2,574) (4,351) (6,637) (10,050)
_______ _______ _______ ________
(6,020) (9,235) (14,824) (18,775)
_______ _______ _______ ________
Financing activities:
Repayment of long-
term debt - (12,152) - (12,152)
Dividends on common
shares (9,989) (9,974) (9,989) (9,974)
Issue of common shares 17 508 957 508
_______ _______ _______ _______
(9,972) (21,618) (9,032) (21,618)
_______ _______ _______ _______
Increase (decrease) in
cash and cash
equivalents $8,108 $(19,433) $26,099 $(38,728)
______ ________ ________ ________
______ ________ ________ ________
Operating cash flow
per share $0.21 $0.18 $0.41 $0.41
______ _______ _______ _______
______ _______ _______ _______
Consolidated Financial Position
Jun. 30 Dec. 31
1996 1995
------- -------
Unaudited
(in thousands of Canadian dollars)
Assets
Cash $136,279 $105,963
Bullion and bullion settlements
receivable 4,298 25,256
Other current assets 19,330 15,993
_______ ________
159,907 147,212
Investments 18,700 18,700
Capital assets 309,787 314,362
Other assets 57,192 55,434
_______ ________
$545,586 $535,708
________ ________
Liabilities and Equity
Short-term borrowings $- $16,741
Other current liabilities 38,349 26,399
________ _______
38,349 43,140
Mine closure costs 7,692 7,067
Deferred income and mining taxes 114,584 116,746
Minority interest 16,102 16,102
Shareholders' equity 368,859 352,653
________ ________
$545,586 $535,708
________ ________
Common shares issued 100,067,631 99,982,839
___________ __________
Second Quarter Six Months
1996 1995 1996 1995
-----------------------------------------------------------------
Operating statistics ---------------------- Golden Giant Mine Total tonnes milled 270,143 222,400 533,989 493,439 Head grade -grams per tonne 12.2 12.7 12.3 12.5 Recovery - % 96.5 94.4 96.4 95.7 Gold produced -ozs. 97,458 85,983 201,413 187,372 Unit operating costs* Cdn$ per tonne milled 56 56 57 57 Cdn$ per oz. of gold 155 144 151 150 US$ per oz. of gold 114 105 111 108 Silidor Mine Total tonnes mined 41,208 53,210 89,467 103,372 Head grade - grams per tonne 4.7 4.2 4.7 4.3 Recovery -% 94.0 94.3 94.0 94.2 Gold produced - ozs 5,845 6,833 12,726 13,593 Unit operating costs: CDN$ per tonne mined 72 64 69 64 CDN$ per oz. of gold 505 503 483 484 US$ per oz. of gold 370 367 353 348 Hemlo Gold total Gold produced - ozs 103,303 92,816 214,139 200,965 Unit operating costs*: CDN$ per oz. of gold 175 170 171 172 US$ per oz. of gold 128 124 125 124 Average gold prices --------------------- London Second Fix US$ per oz. 390 388 395 384 Hemlo Gold's realized prices: CDN$ per oz. of gold 532 531 541 533 US$ per oz. of gold 390 387 396 384 * 1995 unit operating costs exclude $1,266,000 of June costs incurred after the work stoppage at the Golden Giant Mine. CONTACT: Battle Mountain Canada Ltd., Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. C. Proctor A person appointed to manage the affairs of another or to represent another in a judgment. In English Law, the name formerly given to practitioners in ecclesiastical and admiralty , 416/982-7116 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion