Battle Mountain Gold posts fourth- quarter 12-month profit; 16 percent production increase targeted for 1995.HOUSTON--(BUSINESS WIRE)--Feb. 2, 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 ) Thursday Thursday: see week. reported fourth-quarter 1994 consolidated net income of $2 million, which, after consideration for quarterly dividends to preferred shareholders, resulted in a profit of $255,000, or less than 1 cent per share attributable to common shareholders. The fourth-quarter 1994 income compares with a 1993 fourth-quarter loss of $400,000, which, after consideration for quarterly dividends to preferred shareholders, resulted in a loss of $2.3 million, or 3 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. attributable to common shareholders. For the year 1994, the company registered consolidated net income of $9.5 million, which, after consideration for quarterly dividends to preferred shareholders, resulted in income of $2 million, or 2 cents per share. This compares with a consolidated net loss after preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) of $8.1 million, or 10 cents per share attributable to common shareholders, during the same period in 1993. Gross revenues for 1994 were $243 million, up 17 percent from $207.3 million in 1993. Fourth-quarter 1994 gross revenues were $70.2 million, compared with $51.9 million in the same quarter of 1993. BMG Chairman Karl Karl. For German and Swedish kings thus named, use Charles. E. Elers said that the year was favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by higher average realized gold, silver and copper prices, and lower mining expenses. However, these factors were somewhat offset by higher depreciation, depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able and amortization charges, higher exploration and evaluation expenses, and increased milling costs. For the year 1994, Elers said total attributable gold production was 486,000 ounces, compared with 400,000 ounces in 1993. Average cash production costs were $193 per equivalent ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. in 1994, compared with $222 per equivalent ounce a year earlier, and total operating costs operating costs npl → gastos mpl operacionales per equivalent ounce were $280, compared with $308 in 1993. Operations Review Elers noted that the company achieved its targeted 1994 growth plan, including an approximate 25 percent increase in attributable gold production; fourth-quarter start-up Start-up The earliest stage of a new business venture. of the Reona project in 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). ; completion of feasibility work on the Phoenix project in Nevada; achievement of project completion under the Kori Kollo financing agreements Financing Agreements In the context of project financing, the documents which provide the project financing and sponsor support for the project as defined in the project contracts. , thereby achieving nonrecourse Nonrecourse In the case of default, the lender has no ability to claim assets over and above what the limited partners contributed. financing; initiation of expansion work at Kori Kollo; and completion of the Red Dome dome, a roof circular or (rarely) elliptical in plan and usually hemispherical in form, placed over a circular, square, oblong, or polygonal space. Domes have been built with a wide variety of outlines and of various materials. mine-expansion project in 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. . Looking to 1995, the company is working toward the following goals and objectives based on revisions to its preliminary 1995 business plan, which was published in early December December: see month. 1994: -- An approximate 16 percent increase in attributable gold production compared with 1994, to about 565,000 ounces. -- Completion of expansion work at the 88-percent-owned 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. , bringing annual attributable gold production there to approximately 295,000 ounces. -- Additional close-pattern drill testing on significant identified 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 the Kori Kollo mine and completion of metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. studies to determine its minability. -- Receipt of the Draft Environmental Impact Statement for 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 project 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 this spring and continued advancement of the permitting process toward a projected 1997 start-up date. -- First-quarter board feasibility review of the Phoenix project at the Battle Mountain Complex in Nevada and, assuming project approval by the board, significant advancement of the permitting process. -- First-quarter receipt of the Special Mining Lease for the development of the Lihir project in Papua New Guinea Papua New Guinea (păp`  ə, –y , followed by
financing and engineering activity toward a projected 1997 start-up of
the 620,000-ounce-per-year facility, in which BMG would ultimately hold
an approximate 10 percent attributable interest.Reona Nears Design Levels at Battle Mountain Complex At the Battle Mountain Complex in Nevada, total gold production for the year was 48,000 ounces, or 15,000 ounces below the company's beginning-of-the-year target. The Basin heap-leach facility completed 1994 with gold production better than plan; however, the new Reona heap-leach facility experienced a slow start-up, as previously reported, and consequently finished the year behind target. Significant debottlenecking efforts at Reona during the fourth quarter resulted in much-improved December throughput The speed with which a computer processes data. It is a combination of internal processing speed, peripheral speeds (I/O) and the efficiency of the operating system and other system software all working together. 1. , and first- quarter 1995 Reona production is expected to be at target levels of 17,000 ounces. Total gold production at the complex in 1995 is targeted at 78,000 ounces, with approximately 67,000 ounces coming from Reona. Basin leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. production is expected to total 11,000 ounces before reserve depletion is reached later in the year. Work on the feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. for the proposed 120,000-ounce-per- year Phoenix milling project, also at the Complex, has been completed, and BMG board review is anticipated early in February February: see month. . San Luis San Luis, city (1991 pop. 110,353), capital of San Luis prov., W central Argentina. The city is the commercial center of an area producing cattle, corn, and asparagus; the surrounding area has timber and mineral resources. San Luis is a popular resort. Production Up, Costs Down The San Luis mine, in Colorado, completed 1994 with gold production slightly above budget at 73,000 ounces. Cash production and total operating costs were under budget at $232 and $317 per equivalent ounce, respectively, compared with a forecast of $250 and $351 per ounce. First-quarter 1995 gold production is expected to be 17,000 ounces, with a 68,000 ounce target for the year. Pajingo Production on Target, Costs Down At the Pajingo mine 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, gold production for the year was 30,000 ounces, and cash production and total operating costs per equivalent ounce were $150 and $199, respectively, compared with anticipated 1994 cash and operating costs of $227 and $283. Silver production was considerably above target. First-quarter 1995 production is expected to be on target at about 7,000 ounces of gold, with total production for the year of 32,000 ounces. Drill testing for additional mill feed continues in the area, with some encouraging results, which will require further evaluation. Kori Kollo Mine Exceeds Production Target by 10 Percent, Lowers Costs At the Kori Kollo mine, throughput-enhancement work completed during the year resulted in total consolidated gold production of 313,000 ounces in 1994, compared with a target of 284,000 ounces. BMG's attributable share of this production was 274,000 ounces. Cash and total operating costs per equivalent ounce were $159 and $250, respectively, compared with targets of $172 and $266 at the beginning of 1994. Gold production during the fourth quarter was above target due to higher-grade mill feed and better recovery rates. Cash costs per ounce were lower than anticipated for the same reasons. As previously announced, work is also under way on a recovery- enhancement project, which is scheduled for completion in mid-March and is expected to raise gold recovery to the 78 percent range, compared with 68 percent currently. With timely completion of this project, 1995 total gold production is expected to be at about 335,000 ounces, with BMG's attributable share being approximately 295,000 ounces. Exploration work continues to be encouraging at Llallagua, near Kori Kollo, where significant gold mineralization was previously reported, and a decision has been made to carry out development drilling on the 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. and near-surface material. The objective of this close-pattern drilling program is to classify clas·si·fy tr.v. clas·si·fied, clas·si·fy·ing, clas·si·fies 1. To arrange or organize according to class or category. 2. To designate (a document, for example) as confidential, secret, or top secret. as proven/probable reserves as much oxide mineralization as possible by midyear mid·year n. 1. The middle of the calendar or academic year. 2. a. An examination given in the middle of a school year. b. midyears A series of such examinations. 1995, with the entire program complete by year-end. As previously noted, much of this Llallagua material is refractory refractory Material that is not deformed or damaged by high temperatures, used to make crucibles, incinerators, insulation, and furnaces, particularly metallurgical furnaces. in nature, and work continues on a number of metallurgical questions that must be answered before the mineralization can be quantified. San Cristobal San Cris·tó·bal A city of extreme western Venezuela in a mountainous region near the Colombian border south-southwest of Maracaibo. Founded in 1561, it was severely damaged by an earthquake in 1875. Population: 298,000. Production Rate Improves At Niugini Mining Ltd.'s (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]. ) San Cristobal mine in Chile, in which BMG holds a 51.4 percent interest, total gold production during 1994 was 74,000 ounces, compared with a target of 80,000 ounces. BMG's attributable share of this output was 39,000 ounces. While total production was somewhat below target for the year, significant improvement was made in the fourth quarter, with 21,000 total gold ounces produced. This exceeded the previous quarterly production record by approximately 6 percent. Volumes of ore crushed and stacked Stacked is an American television sitcom that premiered on Fox on April 13, 2005. On May 18, 2006, Stacked was cancelled, leaving five episodes unaired in the United States. The last episode aired on January 11, 2006. during the quarter also exceeded previous performance levels. Cash production and total operating costs for the year were $254 per equivalent ounce and $329, respectively, compared with targeted costs of $241 and $339, respectively. The increase in cash production costs resulted primarily from the extended use of a mining contractor to accelerate waste stripping. The higher production levels are expected to continue in 1995, with total gold production targeted at 82,000 ounces. Exploration is ongoing at San Cristobal, with drilling at the Sol Sol, in Roman religion Sol (sŏl), in Roman religion, sun god. An ancient god of Mesopotamian origin, he was introduced (c.220) into Roman religion as Sol Invictus by emperor Heliogabalus. prospect within the mineral lease block indicating the presence of potentially economic mineralization. Additional testing is planned. Further testing is also planned at the Andacolla and Three Sisters prospects located near the San Cristobal mine, where preliminary work has yielded mixed results. Red Dome Sees Production Gains At NML's 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, total consolidated gold production during 1994 was 43,000 ounces, compared with a target of 74,000 ounces. BMG's attributable share of this output was 22,000 ounces. While total gold production was well below target for the year, fourth-quarter output improved significantly to 20,000 ounces of gold, as higher-grade ore from the deepened open pit was processed through the mill. This is in sharp contrast to earlier periods in 1994, when lower-grade ore stockpiles were treated while access to the continuous higher-grade ore blocks was being gained. Unit operating costs fell as the fourth quarter progressed, largely because of higher metal production. Cash production and total operating costs for the year were $264 per equivalent ounce and $312, respectively, compared with targeted costs of $170 and $242, respectively. The increased costs resulted primarily from the delays caused by a pit-wall failure during push-back operations early in the year. The higher production levels are expected to continue in 1995, and at lower cost, with total gold production targeted at 106,000 ounces. Exploration work in 1995 at the nearby Mungana project will focus on establishing economic resources at depths amenable AMENABLE. Responsible; subject to answer in a court of justice liable to punishment. to underground mining. Mineralization on the order of 2 million tonnes, grading about 6 grams per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. gold equivalent and 8 percent zinc zinc, metallic chemical element; symbol Zn; at. no. 30; at. wt. 65.38; m.p. 419.58°C;; b.p. 907°C;; sp. gr. 7.133 at 25°C;; valence +2. Zinc is a lustrous bluish-white metal. It is found in Group 12 of the periodic table. , has already been identified. Assuming feasibility and approval of the Mungana project, in 1995 plans are to complete all necessary preproduction pre·pro·duc·tion adj. 1. Taking place or existing before production: preproduction planning. 2. studies required for commencement of mine-development work in 1996. This relatively high-grade High-grade Credit quality of AAA or AA. high-grade Of, relating to, or being a bond with little risk of default on the part of the issuer. High-grade is usually reserved for bonds rated AAA or AA by the rating services. sulfide-hosted mineralization could provide a significant boost to the Red Dome resource inventory, possibly sufficient to ensure continued production beyond the year 2000. International Exploration Program Yielding Results Exploration activities continue, in addition to previously mentioned property related work, in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Argentina, Bolivia, Honduras, Ecuador, Peru and Mexico, as well as Australia, Indonesia and China. In Western Australia Western Australia, state (1991 pop. 1,409,965), 975,920 sq mi (2,527,633 sq km), Australia, comprising the entire western part of the continent. It is bounded on the N, W, and S by the Indian Ocean. Perth is the capital. , at the Marwest prospect on the Plutonic plu·ton·ic adj. Of deep igneous or magmatic origin: plutonic rocks. [From Latin Pl Bore property, where BMG has a 50 percent joint-venture interest with Resolute res·o·lute adj. Firm or determined; unwavering. [Middle English, dissolved, dissolute, from Latin resol Resources, ore-reserve calculations and mine planning are under way. Assuming positive feasibility, production start-up could begin by midyear 1995 on this estimated 45,000 ounces of mineralization, which will provide additional feed to the Resolute mill. Near the Pajingo mine in Queensland, the BMG-managed ore-reserve drilling program with Posgold at Vera-Vera North was completed near year-end 1994, revealing apparently economic gold grades at depths of approximately 245 meters. Analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. results have been received for all drill holes, and ore-reserve modeling is in progress. This test work may also lead to re-evaluation of other mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zones in the area, where only shallow drilling has been undertaken to date. In southern Bolivia, discussions with the state-owned mining company COMIBOL COMIBOL Corporación Minera de Bolivia (Spanish: Mining Corporation of Bolivia) continue concerning a joint venture for the Bonete property, which was awarded to an 88-percent-owned BMG subsidiary last fall. The subsidiary hopes to complete the documentation by early March. Draft 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. Thought Near for Crown Jewel At the Crown Jewel project in Washington state, the Draft Environmental Impact Statement (DEIS) remains targeted for release on March 31, 1995, though some slippage Slippage The difference between estimated transaction costs and the amount actually paid. Notes: Slippage is usually attributed to a change in the spread. See also: Spread, Transaction Costs Slippage is possible. Publication of the DEIS will be followed by a 60-day comment period and nine months to one year of work by the various agencies involved before the final EIS is issued. Lihir Special Mining Lease Expected in First Quarter of 1995 At the instigation INSTIGATION. The act by which one incites another to do something, as to injure a third person, or to commit some crime or misdemeanor, to commence a suit or to prosecute a criminal. Vide Accomplice. of the Sir Julius Chan Sir Julius Chan GCL, GCMG, KBE, MP (陳仲民 Pinyin: Chén Zhòngmín) (born 29 August 1939) was Prime Minister of Papua New Guinea from 1980 to 1982 and from 1994 to 1997. government, significant progress was made during the fourth quarter of 1994 toward the granting of the long-awaited Special Mining Lease (SML 1. SML - Standard ML. 2. SML - Small Machine Language. Barnes, ICI 1969. Real-time language, an ALGOL variant, and the predecessor of RTL. "SML User's Guide", J.G.P. Barnes, ICI, TR JGPB/69/35 (1969). ) for the Lihir project in Papua New Guinea, where BMG's 51.4-percent-owned subsidiary, Niugini Mining, currently holds a 20 percent interest. Based on public statements by the new government, there is cautious optimism that the SML will be granted in the first quarter of 1995. Recent key achievements include: -- Agreement on the terms by which the state of Papua New Guinea will purchase a 30 percent interest in the Lihir project. -- Agreement on many outstanding matters, including the joint- venture agreement, the management agreement and various other contracts required to be completed prior to granting of the SML. In addition, several rounds of landowner discussions have addressed the issues of equity ownership in the project and compensation for the landowners. Encouraging progress has been made to date. Amendments to the feasibility report were also completed during the fourth quarter, which take into account inflation and exchange- rate variations that have occurred since the previous report, in September 1993. Principal features include: -- Project construction is scheduled for completion 28 months after full project go-ahead is received. This date will be dependent upon the availability of project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. . -- Estimated capital cost of the project, expressed in mid- mid- pref. Middle: midbrain. 1994 dollars, is $671 million, compared with $625 in September 1993. Some of these increases in capital costs are expected to reduce future operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . -- Project operating costs, reflecting changes to operating philosophy implied by the revised scope of facilities, have also changed. Cash costs for the first 15 years are expected to average $209, and to average $228 over the life of the mine. Progress was also made during the quarter toward arranging financing for the project. Negotiations were held with prospective lenders, and a lead bank was identified for the anticipated $300 million debt facility that is being organized. It is expected that a syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism of banks will be formed by the middle of the first quarter of 1995. Several meetings of the float steering committee steer·ing committee n. A committee that sets agendas and schedules of business, as for a legislative body or other assemblage. steering committee Noun have also been held to organize the initial public offering of Lihir Gold Ltd., the holding company for the project. The float, targeted to raise $350 million to $450 million, is expected to take place approximately midyear 1995. -0-
BATTLE MOUNTAIN GOLD CO.
Consolidated Statement of Income
(Unaudited)
(In thousands, except per-share data)
Three months ended Year ended
Dec. 31, Dec. 31,
1994 1993 1994 1993
GROSS REVENUE (a) $ 70,216 $ 51,861 $242,984 $207,251
Freight, allowances & royalties 4,326 2,933 13,314 13,836
NET SALES 65,890 48,928 229,670 193,415
COSTS AND EXPENSES: Mining Costs 9,700 6,656 30,468 35,906 Milling and other plant costs 27,381 24,269 93,896 92,581 Depreciation, depletion and amortization 14,782 12,189 51,247 41,389 Exploration, evaluation and other lease costs 4,334 2,366 14,542 9,474 General & administrative 4,102 3,496 17,047 17,483 Taxes, other than income 780 216 2,593 2,316 Total 61,079 49,192 209,793 199,149 OPERATING PROFIT (LOSS) 4,811 (264) 19,877 (5,734) Interest income 1,094 967 4,149 2,688 Interest expense (1,641) (1,372) (7,369) (6,447) Other income (expense), net 432 1,165 (244) 5,708 PROFIT (LOSS) BEFORE INCOME TAXES AND MINORITY INTEREST 4,696 496 16,413 (3,785) Income-tax expense (benefit) 1,421 (462) 2,519 (4,089) Minority interest (1,151) (1,405) (4,387) (4,709) NET PROFIT (LOSS) $ 2,124 $ (447) $ 9,507 $ (4,405) PREFERRED DIVIDENDS 1,869 1,869 7,475 3,738 NET PROFIT (LOSS) TO COMMON $ 255 $ (2,316) $ 2,032 $ (8,143) PROFIT (LOSS) PER SHARE $ -- $ (.03) $ .02 $ (.10) DECLARED COMMON DIVIDENDS PER SHARE $ -- $ .025 $ .05 $ .05 AVG. SHARES OUTSTANDING FOR INCOME-PER-SHARE PURPOSES 86,329 80,247 86,071 80,132 (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.
Condensed Consolidated Balance Sheet
(Unaudited)
(In thousands)
Dec. 31, Dec. 31,
1994 1993
ASSETS
CURRENT ASSETS Cash and cash equivalents $ 76,464 $115,338 Accounts receivable 22,790 37,349 Inventories -- product 5,048 1,068 Materials & supplies, at average cost 27,730 22,916 Other current assets 6,950 3,949 TOTAL CURRENT ASSETS 138,982 180,620 INVESTMENTS 43,405 28,111 NET PROPERTY, PLANT & EQUIPMENT 491,401 453,242 OTHER ASSETS 5,897 6,179 TOTAL ASSETS $679,685 $668,152 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current maturities of long-term debt $ 13,427 $ 13,431 Accounts payable 14,527 13,171 Payroll and related benefits accrued 4,226 2,354 Accrued interest 6,714 6,527 Other current liabilities 3,523 4,789 TOTAL CURRENT LIABILITIES 42,417 40,272 LONG-TERM DEBT 165,602 179,053 OTHER LIABILITIES 31,924 24,607 TOTAL LIABILITIES 239,943 243,932 MINORITY INTEREST 64,171 54,660 SHAREHOLDERS' EQUITY 375,571 369,560 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $679,685 $668,152
Condensed Consolidated Statement of Cash Flows
(Unaudited)
(In thousands)
Year ended
Dec. 31,
1994 1993
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) $ 9,507 $ (4,405) Adjustments to reconcile net income (loss) to cash flows from operating activities: Depreciation, depletion and amortization 51,247 41,389 Exploration and evaluation costs 10,371 6,767 Deferred Taxes 3,603 -- Change in current assets and liabilities 5,848 (15,391) Other, net 9,109 1,705 Total adjustments 80,178 34,470 NET CASH FLOWS FROM OPERATING ACTIVITIES 89,685 30,065 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of assets 257 10,729 Acquisition of minority interest (5,200) -- Investment in Crown Jewel project (10,304) (7,595) Capital expenditures (81,597) (57,070) Exploration and evaluation expenditures (10,301) (6,621) Other, net (193) 276 NET CASH FLOWS USED IN INVESTING ACTIVITIES (107,338) (60,281) CASH FLOWS FROM FINANCING ACTIVITIES: Cash proceeds from stock issuance 6,397 130,934 Cash proceeds from borrowings -- 36,891 Cash dividend payments (11,505) (7,743) Debt repayment (13,558) (59,869) Other, net (104) -- NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES (18,770) 100,213 EFFECTS OF EXCHANGE-RATE CHANGES (2,451) (36) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (38,874) 69,961 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 115,338 45,377 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 76,464 $115,338 Corporate Address and Telephone: Battle Mountain Gold Co. 333 Clay St., 42nd Floor 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 Questions concerning BMG's operating and financial performance should be directed to Investor Relations Investor relations The process by which the corporation communicates with its investors. : 713/653-7248. Transfer Agent: Questions and communications regarding dividends or stock-transfer services should be directed to: 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 St., 11E, New York New York, state, United States 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; telephone 800/524-4458.
Operating Data
(Unaudited)
Three months ended Year ended
Dec. 31, Dec. 31,
1994 1993 1994 1993
BATTLE MOUNTAIN COMPLEX
Ounces Recovered (000s)
Gold 16 11 48 61
Silver 31 20 96 114
Ounces Sold (000s)
Gold 16 11 48 61
Silver 31 20 96 114
Costs per Equivalent Gold Ounce Cash Production Costs $ 327 $ 289 $ 252 $ 352 Taxes, other than income 16 21 16 15 DD&A 57 187 117 67 Total Operating Costs $ 400 $ 497 $ 385 $ 434 SAN LUIS Ounces Recovered (000s) Gold 17 20 73 72 Silver 4 6 19 27 Ounces Sold (000s) Gold 17 21 71 72 Silver 4 6 18 27 Costs per Equivalent Gold Ounce Cash Production Costs $ 226 $ 232 $ 232 $ 238 Taxes, other than income 19 1 14 10 DD&A 88 75 71 81 Total Operating Costs $ 333 $ 308 $ 317 $ 329 PAJINGO Ounces Recovered (000s) Gold 7 6 30 32 Silver 24 30 93 125 Ounces Sold (000s) Gold 9 7 31 32 Silver 28 29 98 126 Costs per Equivalent Gold Ounce Cash Production Costs $ 153 $ 129 $ 150 $ 179 Taxes, other than income 3 2 2 2 DD&A 58 61 47 49 Total Operating Costs $ 214 $ 192 $ 199 $ 230 KORI KOLLO (BMG 88%) Ounces Recovered (000s) Gold -- BMG Net 75 52 274 180 Consolidated 86 60 313 211 Silver -- BMG Net 313 334 1,251 1,266 Consolidated 356 393 1,431 1,489 Ounces Sold (000s) Gold -- BMG Net 74 50 271 180 Consolidated 84 60 309 212 Silver -- BMG Net 312 331 1,238 1,273 Consolidated 355 390 1,416 1,498 Costs per Equivalent Gold Ounce Cash Production Costs $ 163 $ 175 $ 159 $ 169 Taxes, other than income 1 1 -- 1 DD&A 78 107 91 109 Total Operating Costs $ 242 $ 283 $ 250 $ 279
Three months ended Year ended
Dec. 31, Dec. 31,
1994 1993 1994 1993
SAN CRISTOBAL (BMG 51.5%)
Ounces Recovered (000s)
Gold -- BMG Net 11 9 39 28
Consolidated 21 15 74 49
Silver -- BMG Net 24 20 94 78
Consolidated 48 37 181 139
Ounces Sold (000s)
Gold -- BMG Net 10 9 38 28
Consolidated 21 15 74 49
Silver -- BMG Net 25 21 94 78
Consolidated 47 38 180 138
Costs per Equivalent Gold Ounce Cash Production Costs $ 245 $ 295 $ 254 $ 351 Taxes, other than income -- -- -- -- DD&A 69 92 75 85 Total Operating Costs $ 314 $ 387 $ 329 $ 436 RED DOME (BMG 51.5%) Ounces Recovered (000s) Gold -- BMG Net 10 5 22 27 Consolidated 20 7 43 49 Silver -- BMG Net 64 17 171 173 Consolidated 124 30 330 305 Copper -- Consolidated (000s lbs) 2,421 2,288 12,606 9,517 Ounces Sold (000s) Gold -- BMG Net 9 7 19 44 Consolidated 17 11 36 77 Silver -- BMG Net 64 28 148 266 Consolidated 124 50 286 470 Copper -- Consolidated (000s lbs) 2,703 2,910 11,601 13,404 Costs per Equivalent Gold Ounce Cash Production Costs $ 197 $ 253 $ 264 $ 199 Taxes, other than income -- -- -- -- DD&A 83 3 48 9 Total Operating Costs $ 280 $ 256 $ 312 $ 208
AGGREGATE DATA Three months ended Year ended
Dec. 31, Dec. 31,
Ounces Recovered (000s) 1994 1993 1994 1993
Gold -- BMG Net 136 103 486 400
Consolidated 167 119 581 474
Silver -- BMG Net 460 427 1,724 1,783
Consolidated 587 516 2,150 2,199
Copper -- Consolidated
(000s lbs) 2,421 2,288 12,606 9,517
Ounces Sold (000s)
Gold -- BMG Net 135 105 478 417
Consolidated 164 125 569 503
Silver -- BMG Net 464 435 1,692 1,884
Consolidated 589 533 2,094 2,373
Copper -- Consolidated
(000s lbs) 2,703 2,910 11,601 13,404
Average price realized
Gold ($/oz) $ 386 $ 374 $ 386 $ 366
Silver ($/oz) $5.25 $ 4.53 $ 5.34 $ 4.29
Copper ($/lb) $1.38 $ .90 $ 1.05 $ .98
WEIGHTED AVERAGE AGGREGATE COSTS PER EQUIVALENT OUNCE (a) Cash Production Costs $ 198 $ 208 $ 193 $ 222 Taxes, other than income 4 3 4 4 DD&A 76 98 83 82 Total Operating Costs $ 278 $ 309 $ 280 $ 308 (a) Represents operating costs incurred that, because of changes in inventory, may not be reflected in operating results for the period. CONTACT: Battle Mountain Gold Co., Houston 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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