American Pacific Mint Sells Interest in Alaska Concern

American Pacific Mint, a Woodland Hills precious metals company, said it sold its 58% interest in Alaska Precious Metals Ltd. to Nearhaven Investments Ltd., a U.S.-based holding company that owns 100% of a Hong Kong commodity trading company.

In exchange for Alaska Precious Metals, American Pacific said it would receive a non-dilutable 40% interest in Nearhaven, cash and “other considerations.” Robert Zuber, American Pacific’s chief financial officer, said the value of the deal is less than $500,000, but the exact value has yet to be determined.

American Pacific acquired the interest in Alaska Precious Metals, an Anchorage-based bullion trading and jewelry company, through a 1989 stock swap. It planned to turn the Alaska company into an operation similar to its Dallas Gold and Silver Exchange, which it says offers one-stop shopping for precious metals and jewelry.

But “Alaska didn’t work out as we hoped it would,” Zuber said. Its sales fell from $43 million in 1989 to a 1990 figure of about $25 million to $30 million. In the third quarter that ended Sept. 30, American Pacific lost $19,382 on $14 million in revenue.

Zuber said American Pacific would now focus on expanding the Dallas operation.