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- Title
Instructional Case: LynnGold Resources, Inc.
- Authors
Lanfranconi, Claude P.; Robertson, Darroch A.
- Abstract
The article reports on some of the financial activities of LynnGold Resources company, a gold mining company. In March 1988, LynnGold Resources decided to further the development of the MacLellan gold mine by financing with a gold loan. The management of LynnGold had to decide how to account for the gold loan for financial reporting purposes, including the company's statutory financial statements. LynnGold, a publicly traded company listed on the Toronto Stock Exchange, specialized in the exploration and mining of precious metals. The primary activities of the company included the production of gold and silver from the MacLelian Mine, the exploration for additional reserves along the Lynn Lake Greenstone Belt, and the evaluation of known res ewes in North America for acquisition purposes. LynnGold's only source of gold was at the MacLellan site, where production had started in 1986. As of December 1987, $11,022,000 had been advanced at an effective annual interest rate of 11.01%. However, major changes occurred after Hayes Corp. bought control of LynnGold in early 1988.
- Subjects
LYNNGOLD Resources (Company); GOLD mining; LOANS; FINANCIAL statements; METALS; MINES &; mineral resources
- Publication
Issues in Accounting Education, 1994, Vol 9, Issue 2, p385
- ISSN
0739-3172
- Publication type
Article