Now in its second year of operation, the Goldstream underground copper-zinc mine near Revelstoke, B.C., helped 50% owner Bethlehem Resources (TSE) report net earnings of $860,000 for the second quarter ended July 31.
The mine, jointly owned by Bethlehem and Goldnev Resources (VSE), produced more than 9.6 million lb. copper in the second quarter at an average cash operating cost of about 98 cents per lb. in Canadian funds.
Goldstream officially started production on June 1, 1991, yielding about 5.7 million lb. in the second quarter of 1991. Second-quarter production this year totalled over 100,000 tons of ore grading an average of 4.08% copper. The joint venture also started up a new zinc circuit during the period, producing a total of 1.3 million lb. from material grading 2.8% zinc for an average recovery of about 20%.
Bethlehem reported net income of $1.58 million, or about 10 cents per share for the first six months of the year.
Net operating profit at the mine, before depreciation, amortization and interest, was $2.84 million for the second quarter and $5.18 million for the first half of the year.
The average realized price of copper during the second quarter was about US$1.05 per lb. while the Canadian dollar averaged about $1.196 against its American counterpart.
With copper prices currently at the US$1.03 per lb.level, and the Canadian dollar hovering at about US80 cents, Bethlehem anticipates that its outstanding loan on the Goldstream mine of $2.768 million (as at July 31) should be repaid by the middle of 1993.
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