Battle Mountain Gold Co. posts first-quarter profit.HOUSTON--(BUSINESS WIRE)--May 3, 1995--Battle Mountain Gold Co. (NYSE NYSE See: New York Stock Exchange :BMG BMG Bundesministerium für Gesundheit (Germand: Federal Ministry for Health) BMG Be My Girl BMG Blue Man Group BMG Bertelsmann Music Group BMG Be My Guest BMG Browning Machine Gun BMG Bulk Metallic Glass ) Wednesday Wednesday: see week. reported first-quarter 1995 consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net income of $2.5 million, which, after consideration for quarterly dividends to preferred shareholders, resulted in a profit of $612,000, or 1 cent per share attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to common shareholders. The first-quarter 1995 profit compares with net income of $2.8 million in the same period last year, which, after consideration for quarterly dividends to preferred shareholders, resulted in a profit of $979,000, or 1 cent per share attributable to common shareholders. First quarter gross revenue for 1995 was $56.1 million, compared with $52.8 million in the same period a year earlier. BMG Chairman Karl Karl. For German and Swedish kings thus named, use Charles. E. Elers said that the first quarter of 1995 was favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by higher gold production, offset somewhat by slightly lower gold and silver prices and higher operating costs operating costs npl → gastos mpl operacionales . Gold production for the quarter was approximately 133,000 ounces, or about 7 percent above budget, largely on the strength of output at the Kori Kollo mine in Bolivia Bolivia (bōlĭv`ēə, Span. bōlē`vyä), officially Republic of Bolivia, republic (2005 est. pop. 8,858,000), 424,162 sq mi (1,098,581 sq km), W South America. , where production of some 71,000 ounces exceeded budget by 18 percent. Among the company's goals for 1995, Elers noted, are: Increase attributable gold production approximately 17 percent, compared with 1994, to 570,000 ounces. Significantly advance the permitting process at the Crown Jewel Crown jewel A particularly profitable or otherwise particularly valuable corporate unit or asset of a firm. Often used in risk arbitrage. The most desirable entities within a diversified corporation as measured by asset value, earning power, and business prospects; in takeover and Phoenix projects in Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. state and Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). , and support the development of the Lihir project in Papua New Guinea Papua New Guinea (păp`  ə, –y .Complete drilling and other evaluations necessary to bring known oxide oxide, chemical compound containing oxygen and one other chemical element. Oxides are widely and abundantly distributed in nature. Water is the oxide of hydrogen. Silicon dioxide is the major component of sand and quartz. gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. near Kori Kollo into reserve status, together with additional known gold mineralization at Phoenix. Aggressively advance the exploration process on the 37,000 square kilometers of prospective land held under concession CONCESSION. A grant. This word is frequently used in this sense when applied to grants made by the French and Spanish governments in Louisiana. by BMG worldwide. Operations On Target At the Battle Mountain Complex, permitting is under way on the 150,000 ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. per year Phoenix milling project, with start-up Start-up The earliest stage of a new business venture. targeted for 1997, while work continues to improve leaching leaching, method of extraction in which a solvent is passed through a mixture to remove some desired substance from it. A simple example is the passage of boiling water through ground coffee to dissolve and carry out the chemicals necessary for producing the beverage. characteristics at the Reona mine, which have been slower than target. At Pajingo, in Queensland Queensland, state (1991 pop. 2,477,152), 667,000 sq mi (1,727,200 sq km), NE Australia. Brisbane is the capital; other important cities are Gold Coast, Toowoomba, Townsville, Rockhampton, Cairns, and Ipswich. , Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , mining is now underground from the nearby Cindy Cindy can mean:
tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d in 1996. Drill testing for additional mill feed to extend the life of the property continues in the area, with some encouraging results at the Vera prospect. In Bolivia, BMG's 88 percent owned Kori Kollo mine is starting up the recovery enhancement project this month, which is expected to increase recovery rates from the current 69 percent, to as much as 78 percent. This expansion is targeted to allow Kori Kollo to produce a total of 335,000 ounces of gold this year, of which about 295,000 ounces would be attributable to Battle Mountain Gold. At the Red Dome mine Dome Mine is situated in the City of Timmins, Ontario, Canada; now known as part of Porcupine Joint Venture. The original Dome Mine (Tisdale Township) was still operating as of July 2007, its life is slowly coming to an end as the ore is dwindling and quickly becoming in Queensland, Australia, in which BMG has a 51.4 percent interest, heavy rainfall interrupted in·ter·rupt v. in·ter·rupt·ed, in·ter·rupt·ing, in·ter·rupts v.tr. 1. To break the continuity or uniformity of: Rain interrupted our baseball game. 2. mining operations in the pit during the first two months of the first quarter. This resulted in extended processing of a blend of primary ore and low grade stockpile stock·pile n. A supply stored for future use, usually carefully accrued and maintained. tr.v. stock·piled, stock·pil·ing, stock·piles To accumulate and maintain a supply of for future use. ore, which lowered production levels below budget. Improving weather in March allowed mining of the deeper primary ore and above target production levels. The outlook for the second quarter is good, now that full access to the higher grade ore body has been achieved. Progress at Crown Jewel, Lihir At the Crown Jewel project in Washington state, where BMG is earning a 54 percent interest from Crown Resources Corp., the permitting process is advancing, and the Draft Environmental Impact Statement (DEIS) is now expected in June June: see month. , rather than the Forest Services previous target of March 31. Publication of the DEIS will be followed by a 60-day comment period and will require approximately nine months to one year of work by the various agencies involved before the final EIS (1) (Executive Information System) An information system that consolidates and summarizes ongoing transactions within the organization. It provides top management with all the information it requires at all times from internal and external sources. is issued. Assuming the above permitting schedule and the absence of significant appeals, the company anticipates a 1997 start-up of the 180,000 ounce per year project. Remaining costs for the project are estimated at about $58 million. As previously reported, on April 17, 1995, Battle Mountain Gold, in response to an inquiry by Crown Resources, made a proposal to merge See mail merge and concatenate. Crown into BMG at a ratio of 0.4375 Battle Mountain shares for each of Crown's 13.2 million outstanding shares, subject to approval by Crown's board. This valued the Crown shares at $5.25 per share and represented a 40 percent premium to the Crown share price on April 17. Crown rejected the offer on April 26. The Special Mining Lease for the Lihir property, in Papua New Guinea, was issued during the first quarter and final landowner agreements were signed on Lihir Island Lihir Island is the largest island of the Lihir Group, Papua New Guinea. It is about 20 km long and consists of a complex of several overlapping basaltic stratovolcanoes, and reaches a height of 700 metres. on April 26, 1995. BMG's 51.4 percent subsidiary, Niugini Mining Limited (NML (language) nML - A specification language for instruction sets, based on attribute grammars, for back-end generators. ["The nML Machine Description Formalism", M. Freericks <mfx@cs.tu-berlin.de> TR TU Berlin, FB20, Bericht 1991/15]. ), will complete its 16 percent purchase of an additional interest in the Lihir joint venture from RTZ RTZ Rio Tinto Zinc RTZ Return To Zero RTZ Return to Zork (game) RTZ Retail Trade Zone Corp. plc within 30 days of the April 26 signing. Under this agreement, NML will pay RTZ $48 million as consideration for the additional 16 percent interest and approximately $7 million in back payment of capital costs associated with the 16 percent interest and the 12 percent interest that is being converted from a carried interest to a contributing interest. In addition, in order to help meet the funding obligations associated with the 30 percent ownership in Lihir until such time as external financing In the theory of capital structure, External financing is the phrase used to describe funds that firms obtain from outside of the firm. It is contrasted to internal financing which consists mainly of profits retained by the firm for investment. has been secured by Lihir Gold Limited, and for exploration and general corporate purposes, NML will issue free options in Niugini Mining to all shareholders of the company on May 16, 1995, on the basis of one free option for every four shares held in NML. The options are exercisable on or before December December: see month. 8, 1995, at an exercise price of A$2 per share and will raise approximately A$46.2 million for Niugini Mining. Battle Mountain Gold has agreed to subunderwrite the exercise of all of the options to be issued to BMG by NML, thus allowing it to maintain its 51.4 percent interest in NML. NML (30 percent), the PNG (Portable Network Graphics) A bitmapped graphics file format endorsed by the World Wide Web Consortium. It is expected to eventually replace the GIF format, because there are lingering legal problems with GIFs. Government (30 percent) and RTZ (40 percent) will pool their interest in the Lihir joint venture operating company operating company A business that engages in transactions with outsiders. , Lihir Gold Limited, for the purposes of financing, developing and operating the Lihir project. Negotiations toward securing debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for Lihir are proceeding. Approximately $300 million in debt is expected to be raised. A banking syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism has been arranged, and negotiations of final terms, political risk insurance facilities and hedging facilities are in progress. Closing date for the debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay is targeted for this summer. Approximately $450 million is then expected to be raised through an initial public offering of Lihir Gold Limited shares later in the year. Lihir initially will be about a 600,000 ounce per year gold producer, with start-up targeted in 1997. BMG's attributable interest in the project is expected to be about 60,000 to 70,000 ounces per year. The operator has agreed to evaluate an expansion of the project three years after production begins. -0- Corporate Address and Telephone: Battle Mountain Gold Co. Forty Second Floor, 333 Clay Street 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 77002 Phone: 713/650-6400 Fax: 713/650-3636 Investor Relations Investor relations The process by which the corporation communicates with its investors. : Questions concerning BMG's operating and financial performance should be directed to Investor Relations: 713/653-7248. Transfer Agent: Questions and communications regarding dividends or stock transfer services should be directed to: 800/524-4458 The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. Shareholder Services Department 101 Barclay Barclay may refer to:
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , N.Y. 10286-1258 -0-
BATTLE MOUNTAIN GOLD CO.
Consolidated Statement of Income (Unaudited)
Three Months Ended
March 31,
1995 1994/b
(expressed in thousands except per share amounts)
GROSS REVENUE/a $56,120 $52,778 Freight, allowances & royalties 2,038 1,861 NET SALES 54,082 50,917 COSTS AND EXPENSES: Mining Costs 8,966 6,936 Milling and other plant costs 22,845 18,957 Depreciation, depletion and amortization 12,358 11,703 Exploration, evaluation and other lease costs 3,222 2,651 General & administrative 2,709 2,892 Taxes, other than income 562 596 Total 50,662 43,735 OPERATING INCOME 3,420 7,182 Interest income 947 1,416 Interest expense (1,711) (2,298) Other income, net 650 69 INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 3,306 6,369 Income tax expense 261 2,029 Minority interest (563) (1,492) NET INCOME $ 2,482 $ 2,848 PREFERRED DIVIDENDS 1,869 1,869 NET INCOME TO COMMON $ 613 $ 979 INCOME PER SHARE $ .01 $ .01 DECLARED COMMON DIVIDENDS PER SHARE $ .025 $ .025 AVERAGE SHARES OUTSTANDING FOR INCOME PER SHARE PURPOSES 86,294 85,693 /a Net sales and costs and expenses reflect 100 percent of net sales and costs and expenses of BMG and its consolidated subsidiaries, while average aggregate cost data, per accompanying schedule, reflect only BMG's net interest. /b Restated to reflect reallocation of general and administrative expenses.
BATTLE MOUNTAIN GOLD CO.
Condensed Consolidated Balance Sheet (Unaudited)
March 31, Dec. 31,
1995 1994
(expressed in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 53,238 $ 76,464
Accounts receivable 26,680 22,810
Inventories - product 13,193 5,048
Materials & supplies, at
average cost 26,878 27,730
Other current assets 7,404 7,014
TOTAL CURRENT ASSETS 127,393 139,066
INVESTMENTS 45,018 43,405
NET PROPERTY, PLANT & EQUIPMENT 490,722 491,401
OTHER ASSETS 5,693 5,897
TOTAL ASSETS $668,826 $679,769
LIABILITIES & SHAREHOLDERS EQUITY CURRENT LIABILITIES Current maturities of long term debt $ 13,525 $ 13,427 Accounts payable 11,732 14,527 Payroll and related benefits accrued 3,685 4,226 Accrued interest 3,289 6,714 Other current liabilities 3,068 3,425 TOTAL CURRENT LIABILITIES 35,299 42,319 LONG TERM DEBT 165,602 165,602 OTHER LIABILITIES 31,271 32,043 TOTAL LIABILITIES 232,172 239,964 MINORITY INTEREST 63,438 64,171 SHAREHOLDERS EQUITY 373,216 375,634 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY $668,826 $679,769
BATTLE MOUNTAIN GOLD CO.
Consolidated Statement of Cash Flow (Unaudited)
Three Months Ended
March 31,
1995 1994
(expressed in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES NET INCOME $ 2,482 $ 2,848 Adjustments to reconcile net income to cash flow from operating activities: Depreciation, depletion and amortization 12,358 11,703 Exploration and evaluation costs 3,058 1,683 Deferred taxes (316) -- Change in current assets and liabilities (10,740) 1,827 Other, net 125 268 Total Adjustments 4,485 15,481 NET CASH FLOWS FROM OPERATING ACTIVITIES 6,967 18,329 CASH FLOWS FROM INVESTING ACTIVITIES Investment in Crown Jewel project (1,372) (1,338) Capital expenditures (21,268) (21,994) Exploration and evaluation expenditures (2,949) (1,683) Other, net (192) (1,453) NET CASH FLOWS USED IN INVESTING ACTIVITIES (25,781) (26,468) CASH FLOWS FROM FINANCING ACTIVITIES Cash dividend payments (3,892) (3,877) Other, net (103) 219 NET CASH FLOWS (USED IN) FINANCING ACTIVITIES (3,995) (3,658) EFFECTS OF EXCHANGE RATE CHANGES (418) 120 NET (DECREASE) IN CASH AND CASH EQUIVALENTS (23,227) (11,677) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 76,464 115,338 CASH AND CASH EQUIVALENTS AT END OF PERIOD $53,237 $103,661
BATTLE MOUNTAIN GOLD CO.
Operating Data (Unaudited)
Three Months Ended
March 31,
1995 1994/b
BATTLE MOUNTAIN COMPLEX Ounces Recovered (000s) Gold 17 12 Silver 42 24 Ounces Sold (000s) Gold 17 12 Silver 42 24 Costs Per Equivalent Gold Ounce/a Cash Production Costs $334 $222 Taxes, other than income 12 16 DD&A 62 158 Total Operating Costs $408 $396 SAN LUIS Ounces Recovered (000s) Gold 17 20 Silver 6 5 Ounces Sold (000s) Gold 17 20 Silver 5 5 Costs Per Equivalent Gold Ounce/a Cash Production Costs $250 $223 Taxes, other than income 7 10 DD&A 96 64 Total Operating Costs $353 $297 PAJINGO Ounces Recovered (000s) Gold 8 7 Silver 18 26 Ounces Sold (000s) Gold 8 6 Silver 20 28 Costs Per Equivalent Gold Ounce/a Cash Production Costs $110 $220 Taxes, other than income 2 2 DD&A 54 40 Total Operating Costs $166 $262
BATTLE MOUNTAIN GOLD CO.
Operating Data (Unaudited)
Three Months Ended
March 31,
1995 1994/b
KORI KOLLO (BMG 88%)
Ounces Recovered (000s)
Gold - BMG Net 71 66
Consolidated 81 77
Silver - BMG Net 302 366
Consolidated 343 425
Ounces Sold (000s)
Gold - BMG Net 70 65
Consolidated 78 76
Silver - BMG Net 297 364
Consolidated 338 422
Costs Per Equivalent Gold Ounce/a Cash Production Costs $157 $154 Taxes, other than income -- -- DD&A 93 90 Total Operating Costs $250 $244
SAN CRISTOBAL (BMG 51.4%)
Ounces Recovered (000s)
Gold - BMG Net 9 8
Consolidated 18 14
Silver - BMG Net 21 18
Consolidated 41 34
Ounces Sold (000s)
Gold - BMG Net 10 8
Consolidated 19 15
Silver - BMG Net 21 19
Consolidated 42 36
Costs Per Equivalent Gold Ounce/a Cash Production Costs $301 $347 Taxes, other than income -- -- DD&A 81 67 Total Operating Costs $382 $414
BATTLE MOUNTAIN GOLD CO.
Operating Results (Unaudited)
Three Months Ended March 31,
1995 1994/b
RED DOME (BMG 51.4%) Ounces Recovered (000s)
Gold - BMG Net 11 4
Consolidated 21 7
Silver - BMG Net 76 15
Consolidated 146 28
Copper - Consolidated (000s) lbs) 2,542 2,566
Ounces Sold (000s)
Gold - BMG Net 2 1
Consolidated 3 1
Silver - BMG Net 3 1
Consolidated 6 3
Copper - Consolidated (000s) lbs) -- 187
Costs Per Equivalent Gold Ounce/a Cash Production Costs $ 317 $ 281 Taxes, other than income -- -- DD&A 14 3 Total Operating Costs $ 331 $ 284
AGGREGATE DATA
Ounces Recovered (000s)
Gold - BMG Net 133 117
Consolidated 162 137
Silver - BMG Net 465 454
Consolidated 596 542
Copper - Consolidated (000s) lbs) 2,542 2,566
Ounces Sold (000s)
Gold - BMG Net 124 113
Consolidated 142 130
Silver - BMG Net 388 441
Consolidated 453 518
Copper - Consolidated (000s) lbs) -- 187
Average Price Realized Gold ($/oz) $ 382 $ 385 Silver ($/oz) $4.83 $5.30 Copper ($/lb) -- -- WEIGHTED AVERAGE AGGREGATE COST PER EQUIVALENT OUNCE/a Cash Production Costs $ 210 $ 196 Taxes, other than income 3 3 DD&A 79 84 Total Operating Costs $ 292 $ 283 /a Represents operating costs incurred, which, because of changes in inventory, may not be reflected in operating results for the period. /b Restated. CONTACT: Battle Mountain Gold Co., Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; Les Van Dyke Van Dyke (or van/Van Dijk or Dyk etc) is a surname of Dutch origin. It refers to:
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