Operations at the Kassandra mine complex in Greece are up and running, following a comprehensive refurbishment program.
TVX Gold (TSE) purchased the suspended base-metal operation in December 1995 and spent 10 weeks upgrading the Stratoni mill, enhancing the existing flotation cells, updating machinery and replacing reagent lines.
The mill’s processing capacity stands at 700 tonnes of concentrate per day, which is supplied by the nearby Madem Lakos underground mine. TVX also hopes to improve mill recoveries, which stand at 90%.
On the financial front, TVX earned US$9.4 million (or US6 cents per share) on revenue of US$157 million, compared with US$22.8 million (US14 cents per share) on US$157 million for the same period in 1994. Last year’s poor performance was caused by several factors: lower translation and foreign exchange gains, increased operating costs at the Casa Berardi and Brasilia mines, and higher exploration expenditures.
Earnings were also affected by decreased gold and gold-equivalent production. TVX produced 423,100 oz. gold and gold-equivalent last year, compared with 436,000 oz. in the previous year. TVX’s average gold and gold-equivalent price increased, however, to US$219 per oz. in 1995, up from US$199 in 1994.
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