9-month gold output up 42% for Cambior

Gold production by Cambior Inc. (TSE) for the first nine months of 1988 increased 42% compared with the same period last year, the company reports.

Total production to Sept 30 was 140,685 oz; during the third quarter, the Quebec-based company turned out 50,708 oz, a 44% increase compared with the sa me quarter in 1987.

For the first nine months of this year, Cambior reported net earnings of $12.5 million (53 per share) on revenue of $81.6 million, compared with $13.5 million (59 per share) on revenue of $64.4 million for the same period in 1987.

During the third quarter, the company recorded net earnings of $6.1 million (26 per share) on revenue of $26.1 million, compared with $5.4 million (24 per share) on revenue of $22.9 million for the same three months last year.

As of Sept 30, the company had working capital of $41 million.

Cambior attributes its improved third-quarter revenue and earnings in part to a policy of revenue protection based on forward contracts and gold loans, and higher gold production. The company is projecting total gold production this year of more than 185,000 oz.