Lac earnings rise 20%

Third-quarter earnings for Lac Minerals (TSE) rose by 20% compared with the same period in 1987, while 9-month earnings this year were up by 34%.

Earnings for the third quarter amounted to $12.2 million (13 per share) on revenue of $54.1 million, compared with $10.2 million (12 per share) on revenue of $48.2 million. Cash flow from operations rose to $20.3 million from $16.8 million last year.

For the first nine months, earnings were $38.5 million (42 per share) on revenue of $153.9 million, compared with $28.7 million (33 per share) on revenue of $143.5 million for the same period in 1987. Cash flow from operations increased to $61.6 million from $48.9 million last year.

Lac’s gold production during the quarter ending Sept 30 increased to 87,705 oz compared with 75,180 oz in 1987; for the first nine months of this year, Lac produced 239,487 oz compared with 230,240 oz during the same period last year.

Lac reports an average cash operating cost of $246(US) per oz for the 9-month period, compared with $229 for the same period in 1987.

Not included in the Lac results are financial and production data from the Page-Williams gold mine in northern Ontario. The mine, developed by Lac, is the subject of a legal dispute with Corona Corp. (TSE); a ruling by the Supreme Court of Canada is expected within the next few months.