Royal Oak feels pinch of debt, high costs
Article Abstract:
Royal Oak Mines Inc. of Kirkland, WA, has plans to take C$81 million in pretax writedown for its results in the third quarter as the company is affected by the cost of operating its aging mines and debt payments. In addition, the company has senior subordinated notes outstanding of C$175 million and loan of $120 million from Trilon Financial Corp. and an affiliate. Royal Oak is developing the Kemess copper and gold mine in British Columbia, in an effort to erase the company's high-cost image. At full speed, the C$480-million Kemess mine is developed to produce 250,000 ounces of gold at low cash cost of C$79 per ounce.
Comment:
May take C$81 mil in pretax writedown for 3rd qtr results as this co is affected by cost of operating its mines & debt payments
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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New Loewen chairman targets firm's debt
Article Abstract:
Funeral service company Loewen Group Inc of Burnaby, British Columbia, has named John Lacey as its non-executive chairman. He was named to the position two weeks after he was chosen to represent the Canadian Imperial Bank of Commerce, the company's biggest shareholder. Although his top priority is to reduce the company's $2.1-billion debt, Lacey said that he will not rush into raising cash by selling any of the company's 1,100 funeral homes and 500 cemeteries.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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