Royal Oak Mines

Royal Oak Mines Incorporated
IndustryMining
Founded1990; 34 years ago (1990) in Kirkland, Washington
FounderMargaret "Peggy" Witte
DefunctApril 1999 (1999-04)
FateBankruptcy liquidation

Royal Oak Mines Incorporated was a gold mining company, founded in 1990 by Margaret "Peggy" Witte (now known as Margaret Kent)[1][2] in Kirkland, Washington.

The company held numerous gold and base metal properties in Canada, including the Giant Mine in the Northwest Territories, Pamour Mine in Ontario, Hope Brook Mine in Newfoundland, Colomac Mine in the Northwest Territories, and the Kemess Mine in British Columbia. The company also had significant interests in minerals in China through Asia Materials (44% share) and Highwood Resources (39% share). The company reported nearly US$600 million in assets, and loss of $4.4 million on revenues of US$187 million for fiscal 1996. Its Hopebrook and Colomac mines were closed in 1997. Low gold prices of 1997-1998 caused Royal Oak to go bankrupt in April 1999, and its mining assets were liquidated.[3]

  1. ^ "[MWC-News] National Post - Return of Peggy Witte". Archived from the original on 2007-04-02. Retrieved 2008-07-27.
  2. ^ "Going for the Gold -- Peggy Witte Plays High Stakes So Investors Can Strike It Rich".
  3. ^ Some data obtained from Morningstar, Inc. 1997.