Investments keep Minnova afloat

Investment income pulled Minnova (TSE) through a tough year in 1991, accounting for about 74% of the base metal producer’s income.

For the year ended Dec. 31, 1991, Minnova earned $11.5 million (80 cents per share) compared with $15.1 million ($1.05 per share) in 1990. Although all of the company’s operations met production goals and reduced operating costs, lower metal prices and a higher Canadian dollar dragged down sales revenue.

Investment income increased to $8.5 million for the year. Cash and short-term investments jumped by $70.4 million to total $133.5 million on Dec. 31, 1991.