ROYAL OAK MINES INC. (OTC:ROAKF)
Industry: Basic Materials
Royal Oak Mines Inc. is a North American gold mining company that has produced more than 50 million ounces of gold during a 60-year period. In 1998, the Company owned and operated four producing mines and kept two closed mines on care and maintenance. Royal Oak has several projects where development was postponed in 1997 due to low gold prices and the need to conserve cash to complete construction of the Kemess South Mine. The Company has extensive land positions in Canada covering approximately 534,500 acres, as well as approximately 5,700 acres in the United States and approximately 178,800 acres in Fiji, which provide the opportunity to expand ore reserves through exploration and development. As of December 31, 1998, mineable ore reserves contained approximately 6.5 million ounces of gold and 944 million pounds of copper. In 1998, Royal Oak produced 251,323 ounces of gold and equivalents, which included 31,228 ounces from the Kemess South Mine before the mine reached commercial production, and 20,861,770 pounds of copper from the Kemess South Mine that included 11,112,800 pounds prior to commercial production being reached. In 1998, the Company's four producing mines were the Kemess South gold-copper mine in British Columbia, which commenced production in May 1998, the Giant Mine in the Northwest Territories, and the Pamour and Nighthawk Mines in Ontario. In September 1997, Royal Oak closed the Hope Brook Mine after depletion of ore reserves, and, in December 1997, the Company closed the high-cost Colomac Mine. Both mines were placed on care and maintenance. The Company has increased its annual production from 194,952 ounces of gold in 1991 to 251,323 ounces in 1998, through acquisitions, exploration and development, and the implementation of more advanced and efficient mining methods. Record gold production of 389,203 ounces was achieved in 1996.The Company conducts exploration programs to develop additional mineable ore reserves in close proximity to its mines to maximize the use of processing facilities and to increase processing efficiencies. In addition to its wholly owned subsidiaries, the Company has a majority interest in three companies, Ronnoco Gold Mines Limited, Northbelt Yellowknife Gold Mines Limited and Royal Eagle Exploration Inc. Royal Oak Mines Inc. acts the parent company for the following subsidiaries: 10502 Newfoundland Ltd., 934962 Ontario Inc., Arctic Precious Metals, Inc., doing business as Royal Oak Mines (USA) and its wholly owned subsidiary, Oz Investments, Inc., Beaverhouse Resources Limited, Consolidated Professor Mines Limited, Royal Oak Hope Brook Ltd., Royal Oak Timmins Ltd., Royal Oak Yellowknife Ltd., Witteck Development Inc., Ronnoco Gold Mines Limited, Northbelt Yellowknife Gold Mines Ltd. and Royal Eagle Exploration Inc. and its wholly owned subsidiary, First Eagle Holdings, Inc.In addition, the Company has strategic investments in Asia Minerals Corp. and Highwood Resources Ltd. Exploration The Company's exploration strategy combines exploration on satellite deposits adjacent to its existing mining operations with the acquisition of advanced stage development properties to ensure sufficient projects with the potential to maintain long-term growth in ore reserves and gold production. All exploration activities are managed out of the Kirkland, Washington offices of the Company's wholly owned United States subsidiary, Arctic Precious Metals, Inc. In addition, the Company has an Eastern Canadian office in Timmins, Ontario and Western Canadian offices in Yellowknife, Northwest Territories and Smithers, British Columbia. The principal product produced at the Giant and Pamour mines is gold bullion dore bars that are shipped to refineries for further purification. Sales of the refined gold are made to various banks and bullion dealers,and are based both on previously hedged prices and on spot (current) market prices. The dore bars also contain silver, which is separated from the gold in the refining process. The Company is credited with the silver content at spot market pri
As Of: 10/07 00:00 ET
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