EXPLORATION ’93 — Record TVX output boosts earnings

A 45% increase in gold and gold equivalent production helped TVX Gold (TSE) earn US$10.4 million, or 8 cents per share, in 1992. This compares with $6.4 million or 5 cents per share in 1991.

Last year, the company produced a record 314,300 oz. gold and 8.1 million oz. silver, up from 253,700 oz. gold and 2.6 million oz. silver in 1991. The record production is due to a year’s contribution from the new, 16,500-ton-per-day plant at the La Coipa mine in Chile. The mine, 800 km north of Santiago, is jointly owned and operated by Placer Dome (TSE). Remaining production comes from the Crixas, Brasilia and Nova Astro mines in Brazil, the Mineral Hill mine in Montana and the Casa Berardi mines in northwestern Quebec.

Also improved was the company’s average production cost, which in 1992 amounted to $179 per oz. of gold equivalent. That represents a 10% reduction from $198 per oz. in 1991 and a 21% drop from $228 per oz. in 1990.